The Guaranteed Rural Housing program with Rural Development has always been a great loan. In the mad mortgage rush of previous years it had lost some popularity.
With the new income structure and the new income limits, the program will be even stronger.
Previously, income limits for many counties, including Hamilton County, TN, depended on the number of persons. There was a different income level for each additional person.
The new structure only has two income levels for the Guarantee Program: 1-4 persons and 5-8 persons. This increases the maximum income level for most families.
Additionally, effective also on 4/20 is the increase in the actual income limits. Previously for a 4 person family the income limit was $70,750.
The new limits for 2009, in Hamilton County are $73,600 for a 1-4 person family and $97,150 for a 5-8 person family.
Good news.
Here is the link to see the Rural Development income limits for your area.
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
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Stearns Lending, Inc |
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Cell phone: 423-280-0345 Email: Richard@HomeLoansChattanooga.com |
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. |
I did not know the income limits had increased. Might be a good thing to blog about. :)