We receive many questions about USDA Rural Housing loans and the max loan amounts. Generally all loan programs have loan amount limits – FHA mortgages, VA loans, Conventional Fannie Mae, Freddie Mac. In Florida, these loan amount limits depend on the county and can range from the high 200’s to 500,000 +.
However, USDA 502 Guarantee loans do NOT have a set limits on how much the homebuyer can borrow. Instead home buyers are qualified based on their debt. Generally speaking USDA (Rural Development) guidelines require that borrowers debt related to housing (mortgage payment, taxes, insurance) not exceed 30% of their gross monthly income.
Example: let’s say you make an income of $3,000 per month – 30% of this would be $900.00. $900.00 per month would be your max monthly expense allowed for housing per USDA requirements. $900 would equal roughly a home purchase price of $125,000 – $130,000 (depending on exact taxes, insurance, etc) You can find a handy USDA mortgage calculator here at the bottom right side of the page.
In addition to this, the USDA RD program has household income limits in place for each FL county. The Florida USDA 2014 income limits can be found here. With these income limits, and housing debt ratio limits, borrowers will generally “cap out” at loan amount under $300,000. Also keep in mind the housing debt limit mentioned above at 30% is not “set in stone” Some home buyers with strong compensating loan factors like high credit scores, money saved, great job history, etc – may be able to slightly exceed this limit.
Please contact us with any questions about USDA loans in Florida. From general question to the pre approval and application process – www.USDAMORTGAGESOURCE.com or call ph: 904-302-6060. You can also submit your quick request form on the right side of this page >
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