New Member
joelo0
Posts: 2
Registered: ‎11-28-2012
USDA loan income limit question and new construction
[ Edited ]

So hoping someone can chime in who can give me an idea on the loan process for the USDA program (guaranteed loan).

 

Looking at new construction for a USDA loan.    Currently fiancee and myself are under the income limits by about 10k based on our hourly incomes.  The issue that is coming up is I just accepted a job offer that would put us over the income limits but requires a lot of security clearances (government position) which I was told can take quite some time (several months).  When would the income be checked in regards to eligibility for a new construction home?  Does it happen at completion of the house or before or multiple times?   I would not want to agree to a contract on the home and find out because of the new job that I'm ineligible for USDA.  I'll be at my current job until I found out about the other job.