Below are the USDA/Rural Development Guaranteed loan program’s newly published income limits for St. Charles, Jefferson, Lincoln, St. Francois, and Warren Counties.
1 - 4 Occupants
* Income limits are based on total household income, not just the borrower(s) income on the loan.
Did you know...?
· USDA loans are available for the purchase of a primary residence in an eligible area. Curious about a property’s eligibility? CLICK HERE to view USDA’s eligibility website.
· USDA loans are 100% financing / $0 down.
· There is NO monthly mortgage insurance. Instead borrowers pay a “USDA Annual Fee” with their monthly payment that’s 0.35% of their loan amount. FHA’s monthly PMI is 0.85% so borrowers will typically pay less per month with USDA financing vs FHA.
· USDA loans are NOT limited to first time homebuyers.
· MINIMUM CREDIT SCORE REQUIREMENT: 600
· Borrowers with no credit score may also be eligible for USDA loan financing.
Senior Mortgage Banker