Please see the most recent updated USDA Rural Housing income limits for Florida as of April 2015. The income limit for most of Florida is now set at $75,850 for a family of 1-4, with certain Florida counties higher. In addition, households with 5+ members are permitted to make much more. Previously the majority of Florida counties were capped at $74,750 for a family of 1-4 people and $98,650 for a 5 to 8 person household. Those income limits have been increased which is great for all USDA loan applicants!
Home buyers want to remember a few important things in regards to USDA Rural Development income limits:
- The income limits apply to ALL people living in the home that receive income – even if they are NOT listed on the loan application. This is important to remember and applies to both USDA purchase and refinance loans. Example: Husband and wife together make a gross income of $60,000 per year. In addition, they have their elderly parent that lives with them, but they are not applying for the mortgage, or listed on the loan application. This parent receives $12,000 per year in social security income. For USDA income eligibility purposes their household income amount would be $72,000 per year.
- One exception is working full time students, as only a max of $480 of their yearly income ( if they work) is included. However, if they are also a dependant, the $480.00 can be removed thus canceling out their income all together.
- For W2 earners the USDA income limits are based on gross income, not NET income. 1099 or self employed workers income calculations can be more complex, we recommend these applicants contact us.
- Dependant deduction – Each household can deduct $480 per dependant.
- Child care expenses when applicable. Documentable day care expenses, etc.
- Certain unreimbursed business expenses.
- The USDA RD income limits only applies to household income at the time of closing. Future income or earning potential is not considered.
If you household income is close to the limit, be sure to calculate your income deductions properly. We often see this as the difference in turning an ineligible household to ELIGIBLE for USDA financing. USDA has a handy income calculator located here. This will do all the math for you, just follow the step listed. If you have questions or aren’t sure about something, reach out to us! We would love to hear from you – just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here. You can also contact us at 7 days a week at ph: 904-302-6060
USDA Mortgage Source is Florida’s local USDA loan leader – serving all of Florida including: Alachua County – Gainesville, Baker County – Macclenny FL, Bay County – Panama City, Bradford County – Starke, Brevard County – Titusville, Broward County – Fort Lauderdale, Calhoun County – Blountstown, Charlotte County – Punta Gorda, Citrus County – Inverness, Clay County – Green Cove Springs, Collier County – Naples, Columbia County – Lake City, De Soto County – Arcadia, Dixie County – Cross City, Duval County – Jacksonville, Escambia County – Pensacola, Flagler County – Bunnell, Franklin County – Apalachicola, Gadsden County – Quincy, Gilchrist County – Trenton, Glades County – Moore Haven FL, Gulf County – Port St. Joe, Hamilton County – Jasper, Hardee County – Wauchula, Hendry County – LaBelle, Hernando County – Brooksville, Highlands County – Sebring FL, Hillsborough County – Tampa, Holmes County – Bonifay, Indian River County – Vero Beach, Jackson County – Marianna, Jefferson County – Monticello, Lafayette County – Mayo, Lake County – Tavares, Lee County – Fort Myers, Leon County – Tallahassee, Levy County – Bronson, Liberty County – Bristol, Madison County – Madison, Manatee County – Bradenton FL, Marion County – Ocala, Martin County – Stuart, Miami-Dade County – Miami, Monroe County – Key West, Nassau County – Fernandina Beach, Okaloosa County – Crestview, Okeechobee County – Okeechobee, Orange County – Orlando, Osceola County – Kissimmee, Palm Beach County – West Palm Beach, Pasco County – Dade City, Pinellas County – Clearwater, Polk County – Bartow, Putnam County – Palatka, Santa Rosa County – Milton, Sarasota County – Sarasota, Seminole County – Sanford, St. Johns County – St. Augustine, St. Lucie County – Fort Pierce, Sumter County – Bushnell, Suwannee County – Live Oak, Taylor County – Perry, Union County – Lake Butler, Volusia County – DeLand, Wakulla County – Crawfordville, Walton County – De Funiak Springs, Washington County – Chipley. FL
USDA 502 Guaranteed Loan Income Limits