There are no more excuses to buying a new home. Home prices are down. Mortgage rates are down. And financing is coming back strong, so much so that 100% financing is still an option. If this is still not enough for you, here are some other benefits to this program:
- No Mortgage Insurance
- No Reserves
- No Minimum Credit Score
- Not Limited to First Time Home Buyers
- Unrestricted Gifts
- If appraisal is higher than purchase, you can finance the closing costs in to the loan
If this is still no enough for you, then may be you should reconsider how serious of a home buyer you are…
With any mortgage program, there are requirements that must be met. The first is income eligibility. Here is a simple chart to see if you qualify:
CURRENT TABLE (Income limits have been changed as of April 20, 2009. Click here to view the income table.)
| County | 1-P | 2-P | 3-P | 4-P | 5-P | 6-P | 7-P | 8-P |
| All counties except those listed below | 49,950 | 56,600 | 63,700 | 70,750 | 76,400 | 82,050 | 87,750 | 93,400 |
| Clay, Duval, Nassau, St Johns | 51,400 | 58,750 | 66,100 | 73,450 | 79,350 | 85,200 | 91,100 | 96,950 |
| Collier | 56,200 | 64,250 | 72,250 | 80,300 | 86,700 | 93,150 | 99,550 | 106,000 |
| Gadsden, Jefferson, Leon | 50,000 | 57,150 | 64,300 | 71,450 | 77,150 | 82,900 | 88,600 | 94,300 |
| Palm Beach | 55,700 | 63,650 | 71,600 | 79,950 | 85,900 | 92,300 | 98,650 | 105,000 |
| Okaloosa | 50,850 | 58,100 | 65,400 | 72,650 | 78,450 | 84,250 | 90,100 | 95,900 |
| Broward, Pinellas, Monroe are not eligible | ||||||||
PROPOSED TABLE
| County | 1-4 PERSONS | 5-8 PERSONS |
| All counties except those listed below | 70,750 | 93,400 |
| Clay, Duval, Nassau, St Johns | 73,450 | 96,950 |
| Collier | 80,300 | 106,000 |
| Gadsden, Jefferson, Leon | 71,450 | 94,300 |
| Palm Beach | 79,950 | 105,000 |
| Okaloosa | 72,650 | 95,900 |
| Broward, Pinellas, Monroe are not eligible | ||
For each person over 8-persons, add 8% of the 4-person limit.
NOTE: This is not an income increase for the 4-person and 8-person households. It simply removes the tiers for the 1-3 and 5-7 person households. It does have the effect similar to an income increase for those families in the 1-3 and 5-7 groups.
Reminder: These are NOT gross income limits. THE TOTAL ADULT HOUSEHOLD INCOME CAN BE MUCH HIGHER THAN THE “ADJUSTED” INCOME LIMITS IN THE TABLE. Deductions are allowed for: child care (12 yr old or less) to allow employment of the adult; $480/annual for each non-applicant under age 18; $480/annual for full time student over age 18; and $400 if anyone is elderly or handicapped. If the gross adult household income is less than the limit, you are good to go. If the income is over the limits, use the adjustments. Make it simple by using the web calculator here. Click on “single family housing” under “Income Eligibility”.
In addition to income, the property must be eligible. By using the same link, you can find out if the home you are purchasing is in fact eligible. However, counties like Lake, Collier, and various other counties in the interior, northern, and panhandle of the state are 100% eligible. Counties like Lee and Palm Beach are only partial eligible. The best way to determine is not to guess, but to enter in the exact address of the property.
With these two main hurdles overcome, there are only two minor conditions left. The first is that you must be able to afford the home. The debt-to-income ratio requirements are more than fair and easily obtainable for most home buyers. The second is that even though there is no minimum credit score requirement, you must at least have good credit.
So there you have, the last of your excuses has been dispelled. Home buying is possible and affordable. Now, get off you duff, call your Realtor, and start shopping for your new home. And while you are shopping, contact Knightlines Mortgage Services, LLC to reserve your funds for our 100% USDA Home Loan. And to build off of Nike… “Just do it… TODAY!”
Comments
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