Delaware USDA Loans Income Limits 2020
Delaware USDA Loans Income Limits 2020 announced May 4, 2020 by Rural Development. The household income limits in Delaware have increased in all three counties. Anyone looking to purchase a home with a Delaware USDA Rural Housing Loan now has more leeway to qualify as income limits have gone up. If you want to get pre-approved for a USDA Loan to purchase a home please call 302-703-0727 or APPLY ONLINE.
What are the USDA Rural Housing Loan Income Limits for 2020?
The household income limit is based on the number of people in the household that will occupy the property. The income limits are set based on 1-4 people household, 5-8 people households and then excess of 8 people households. Below is the chart showing Delaware USDA Loans Income Limits for 2020:
For any household with more than 8 people, you add 8% of the 4 person limit per person above the 8 people. For example if a household of 9 in New Castle County then 8% of the $111,100 is $8,888 so add that to the 8 person limit of $146,650 gives you a maximum income limit of $155,538 for household of 9.
How is the USDA Loan Household Income Defined?
The household income for USDA Loans is calculated based on ANY income received by any member of the household. So anybody that is going to be living in the home even if not on the mortgage application must be considered. So if son is 18 and working and he will be living in the home then his income must be added in when calculating the household income.
What if You are Over the Delaware USDA Loan Income Limit 2020?
If you find out that you are over the household income limit for a USDA Loan, then you do have other options to purchase a home in DE. The FHA Loan does not have any income limits so this could be a great option to explore. FHA loans doe require 3.5% down payment compared to a USDA Loan which has 0% down payment so that is one draw back of a FHA Loan.
There are Delaware Down Payment Assistance Programs that can help with the 3.5% down payment required by FHA if you are not eligible for a USDA loan. Call John Thomas at 302-703-0727 to explore these options or GET STARTED ONLINE.
How Do You Apply for a Delaware USDA Loan?
If you believe you are under the Delaware USDA Loan income limit 2020 then you can apply for a USDA Loan by calling John Thomas at 302-703-0727 or APPLY ONLINE.