It has been more than a few weeks since I last posted an article on USDA Guaranteed Housing program, the fact is I am working with many clients on this loan program — But I know there are more of you that should be working me. Why do I say this? Google tells me so. The USDA related pages account for 52% of the incoming visitors here. So I apologize that the updates to restrictions and new guidelines are a couple weeks overdue.
No Swimming Zone
Beginning March 27, 2009 a temporary moratorium was enacted to immediately suspend properties with in-ground swimming pools to be purchased with funds from the Single Family Housing Guaranteed Loan Program (SFHGLP) from the USDA Rural Development program. Technically, before the new restriction, it was on an exception basis that homes were allowed to be purchased with in-ground swimming pools, as long as the value of the swimming pool was part of the financed amount. In other words, the home needed to appraise to the loan amount without the inclusion of the pool.
New Income Limits
In the previous article containing the break-down of the adjusted income limits for using the program you will notice that households limits were adjusted by each member. Beginning April of 2009 the new, improved, and easier to use Adjusted Gross Income guidelines are still extremely generous, but now has 1 set limit for family or households from 1-4 members and then from 5-8 members.
| Adjusted Income Limits for Eligible Areas of Collin County and Denton County | Adjusted Income Limits for Eligible Area of Tarrant County |
|---|---|
|
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| Add 8% of 1-4 Person Limit for each Person in excess of 8 Persons |
These limits have been adjusted for the better, and do not eliminate yourself on being able to qualify for the only 100% Financing program available today for non-veterans if you are even close to these limits without talking with me or one of my partner lenders first.
I would encourage anyone interested to read the related links below for complete information on using this program. Better yet, feel free to call, or email me with any questions you may have on using the USDA Loan Program, Texas Veterans, or any of the first time homebuyer programs that are available.
Related posts:
- USDA Home Loans are the Real Deal for Denton County Once again I find myself having to tout and sound the trumpets about the USDA Rural Development Guaranteed Housing Loan Program after another successful closing. Next to the article Buying...
- USDA Rural Development – Texas Guaranteed Housing Loan Program In this chapter of the Affordable Housing series of articles, I am going to try to bring a clear and accurate depiction of the benefits, purposes, and qualification guidelines for...
- USDA and Texas Veterans Land Board 2010 Update The #2 and #3 most visited pages here at My Denton County Real Estate are the articles that have made me the authoritative REALTOR in North Texas for USDA Rural...
- $8000 First Time Home Buyer Tax Credit Now it is my tun to break down the $8000 First Time Home Buyer Tax Credit. I must admit, when the bill was being negotiated in the Senate, before moving...
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Keller Williams Realty 2611 Cross Timbers Rd Suite #100 Flower Mound, TX 75028
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