Tag: Kentucky USDA Rural Development Guaranteed Housing Loan

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

Kentucky USDA Income Limits for 2018 Changed to Higher Limits

June 13, 2018

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Kentucky USDA Income Limits Increased for most areas for 2018

USDA Loans: Low Rates With No Down Payment

Kentucky USDA Loans are mortgage loans which are backed and guaranteed by the United States Department of Agriculture. These loans are sometimes known as Rural Housing Loans or “Section 502” loans, which are named for it’s place in the USDA Charter.

USDA loans are extremely popular by both first-time homebuyers and even previous homeowners due to their low, competitive interest rates but also there is no need for a down payment.

USDA loans also offer lower monthly mortgage insurance premiums (MIP) than some of it’s popular counterparts, FHA and Conventional loans.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

2018 USDA Loan Income Limits

For the SFGLP, the 2018 income limits were updated on June 13, 2018.  Most counties saw increases. The floor income limit in all counties across the United States went up.

While underwriting requirements for USDA loans will vary based on the credit profile of the borrower, there is one requirement where there is absolutely no leeway and that is with the household income limit for the area you are purchasing in.

USDA has set specific income limits based on the size of the household. Categories are based on household sizes of 1-4 and then household sizes of 5-8.

2018 Income Limits are based on household size:

  • 1-4 member household : $82,700

  • 5-8 member household : $109,150

There are some areas with slightly higher limits.  For example, in Northern Kentucky Counties of Boone, Kenton, Campbell, and Gallantin Counties the income limits for a 1-4 member household is $90,500 while a 5-8 member household is $119,450.  **Income limits vary my county and MSA***

USDA has published a great new PDF document that lists every area in every state.  You can view that document by here.

You can always go to the USDA eligibility website and lookup the income limit for the area you live or are wanting to purchase here.

Get a Free USDA Home Loan Quote

If you’re looking for a low- or no-money-down home loan, then the USDA loan may be the perfect option for you.

You can get a free USDA home loan quote now! There is no obligation to proceed, and we’ll be happy to answer all your questions.

CLICK HERE TO GET A USDA HOME LOAN QUOTE NOW!

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

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Kentucky USDA Rural Development Guaranteed Housing Loan Income Worksheet for 2014

KENTUCKY RURAL HOUSING INCOME ELIGIBILITY CALCULATION WORKSHEET

Kentucky USDA Rural Development Guaranteed Housing Loan

INCOME ELIGIBILITY CALCULATION WORKSHEET  USDA Rural Development Guaranteed Housing Loan
KENTUCKY INCOME ELIGIBILITY CALCULATION WORKSHEET
USDA Rural Development Guaranteed Housing Loan

 

 

 

 

 

 
Borrower/s ____________________________________________________________
Date of Calculation__________ Total # household members = _________
State:_________________________ County:______________________________

List all non-exempt household income: (Per §1980.347)
Name of household member receiving the income
Source of income Monthly income from source
(Actual or Average)
X12
Annual income
from source
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________
_________________________________________$___________ X12 $___________

Total Gross Household Income $______________ X12 $______________

Total Monthly Total Annual
Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit):
(1) Number of Minors living in household: ___X $480.00 (Under age 18) $_____________
(2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________
(3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers) $_____________
(4) Elderly Family: (borrower or co-borrower over 62) One time deduction of $400.00 $_____________
(5) Annual Child Care Expense $_____________
(6) Medical expenses (Elderly family only. Un-reimbursed >3% gross annual income) $_____________

TOTAL Annual Deductions (Sum of Line 1 thru Line 6) $_____________
Adjusted Gross Annual Household Income (Gross income less deductions) $____________

ADJUSTED COUNTY HOUSEHOLD INCOME LIMIT per Rural Development $____________
Kentucky USDA and Rural Housing Income limits are available at:

http://www.rurdev.usda.gov/SupportDocuments/KY%20GRH.pdf

DEDUCTIONS FOR CALCULATING  ADJUSTED FAMILY INCOME

Deductions From
Annual Income Deduct For: Do Not Deduct For:__________________________________

$480 for each (A) Minors (under 18 years of age) Applicant/Borrower, Spouse, Foster Children, or member of the Children of Non-family members.
family residing in the household. (B) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.

(C) Adults (18 years of age or older) Applicant/Borrower, Spouse or Non-family members.
who are full-time students.
______________________________________________________________________________________________________

$400 for elderly (D) Head, Spouse or Sole Member who family. is a senior citizen, disabled or handicapped and is the applicant/
borrower.

(E) Two or more unrelated senior Family, if one or more of those living in the house-
citizens, disabled or handicapped hold is not a senior citizen, disabled or handicapped.
persons living together, at least one
is the applicant/borrower.

(F) Survivors of deceased FmHA senior Survivors after remarriage of the deceased borrowers citizen, disabled or handicapped spouse. borrower who occupied the dwelling
at the time of the borrower’s death.
______________________________________________________________________________________________________

Care of minors 12 years (G) Anticipated expenses to be paid for (a) Amount paid in excess of amount received from of age or foster children care of member of the family to be such employment. or children of non-family gainfully employed. (b) Payments made to dependents of the applicant/ members. borrower.
(H) Anticipated expenses paid for care of
minor(s) to enable a member of the Payments made to dependents of the applicant/
family to further his/her education. borrower.
______________________________________________________________________________________________________

Aggregate medical (I) Planned general medical and dental Accumulated bills in excess of planned payments for expenses of the house- expenses of an elderly family for the ensuing 12 months. hold in excess of 3% of ensuing 12 months which are not gross annual income. covered by insurance (eg., medicines, medical insurance premiums, costs of nursing care, payment of accumulated medical bills, and cost of full-time nursing or institutional care which cannot be provided in the home).

(J) Reasonable attendant care and auxiliary Cost already deducted for same user member of apparatus and equipment expenses to elderly family. enable any handicapped/disabled
member of a household (not just an elderly family) to be employed.
_________________________________________________

Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

GUARANTEED HOUSING PROGRAM INCOME LIMITS
GUARANTEED HOUSING PROGRAM INCOME LIMITS