Mortgage Research Center Releases New USDA Calculator
The free calculator allows users to quickly see updated income limits in their area by household size.
Through its website, USDAloans.com, Mortgage Research Center (MRC) just released a new interactive USDA Income Limit Calculator reflecting the latest increases to the USDA’s maximum income limits. The free calculator allows users to quickly see updated income limits in their area by household size.
“The new income limits make the USDA loan an available option for even more homebuyers looking for $0 down payment options,” said Alex Blum, general manager at Mortgage Research Center. “MRC is proud to provide this tool to help educate homebuyers and lenders alike.”
Through a special procedure notice on May 4, 2020, the USDA increased maximum eligible income limits of the Single Family Housing Guaranteed Loan Program in most U.S. counties. The baseline USDA loan income limit for one- to four-member households is now $90,300 or $119,200 for five to eight member households.
Total household income should not exceed these limits to be eligible for a USDA home loan, but income limits vary by location to account for cost of living. The USDA income requirements are set at or below 115% of the median household income in each region and are updated annually.