Does your income qualify for a USDA loan?
Welcome back everyone sean stevens here do with metroplex mortgage services another usd loan crow video quick tip does your income qualify for a usda loan not everyone is paid the same some have commission’s bonuses and even seasonal employment how do various types of income get calculated and what can be eligible for usda qualifying as you can imagine this is
Critical when calculating your sales price and can even be the difference between an approval or denial also if you’ve not yet done so please take advantage of our free second opinion service which is great for both pre-qualifications and existing loans in progress this is a great way to double check where you stand receive an expert second opinion and make
Sure your financing stays on track so without further delay let’s get started with the details as a quick review annual income is the term used when calculating for usda income eligibility limits and repayment income is for calculating debt ratios in the all-important qualifying price range usda guidelines require that when attempting to qualify with income from
Sources such as bonus commission over time part-time second jobs or seasonal employment that the applicant have a two-year history of receiving these income types ideally from the same employer for overtime and bonus income specifically the employer must indicate if it is likely to continue and if the earnings trend is declining from year to year additional review
Will be necessary applicants with the sole source of unemployment benefits are not eligible on a side note as discussed in a previous video tip if you do claim unreimbursed business expenses on your tax returns form 2106 then this amount will be deducted from both your repayment income which can affect debt ratios and qualifying and will also be deducted from your
Annual income which can help reduce your qualified income when calculating for usda household income limits we realize that qualifying for a usda loan can be both difficult and overwhelming but when paired with a lender that specializes and understands the usda loan process it is a match that can help open the door to homeownership have you been previously denied
By a bank but want to double-check your options maybe you were only offered fha or conventional but are interested in the benefits of a usda loan have you signed a sales contract only to find out your qualifying is hit a hurdle rest assured my team is built to help homebuyers become mortgage ready just call or email to discuss your scenario and let us show you
The metroplex difference and don’t forget we are known for returning calls replying to emails and responding to voicemail and if you’ve not yet done so please download our free usda blueprint for success with the link below take advantage of this resource because it is a great tool for the home buying process make sure to stay in the loop and subscribe for free
On the right to receive future video updates let’s make a great day and i look forward to seeing you right here for the next tip of the week
Transcribed from video
Does your income qualify for a USDA loan? By Metroplex Mortgage Services
