Homebuyers will find the 2024 USDA 502 household income limits for Florida below. Most of the other counties/ states in the U.S. are the same, please contact us to discuss the USDA rural housing income limits in your state. The income limit for most of the U.S. is now set at $110,650 for a family of 1-4, with increased limits in some higher-cost counties. Additionally, households with 5+ members are permitted to make even more.
**UPDATE – March 2024 ** Applicants can read about the latest 2024 income limits here.
USDA loan applicants should keep in mind a few important things in regard to USDA household income limits. These things apply to all states and counties:
- The income limits apply to ALL people living in the home that receive income – even if they are NOT listed on the loan application. Example: Husband and wife together make a gross income of $55,000 per year. In addition, they have an elderly parent that lives with them, but they are not going to be included on the mortgage or listed on the loan application. This parent receives $10,000 per year in social security income or disability income. For USDA income eligibility purposes their household income amount would be $65,000 per year. For qualifying purposes, their income would be $55,000.
- 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 dependent, the $480.00 can be removed thus canceling out their income altogether.
- 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.
- Dependent deduction – Each household can deduct $480 per dependent.
- Child care expenses when applicable. Documentable child day care expenses, etc.
- Certain unreimbursed business expenses.
- The USDA RD income limits only apply to household income at the time of closing. Future income or earning potential is not a factor.
- Note the USDA income limits apply to both USDA purchase and USDA refinance transactions.
If your 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 into 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, please contact us. We would be happy to assist you – just submit the short Info Request Form on this page for fast service. You can also contact us at 7 days a week at ph: 800-743-7556
Serving home buyers nationally including Florida:
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JAMIE AND Jimmy says
Good evening we are interested in buying a new home and we would like to find out how USDA works for a family of 6.
USDA Mortgage Source says
Sounds great, please submit the short info request form on your screen and a specialist will contact you with all the details.
Patricia Cambiano says
Realtor is saying there is $9000 in closing cost in Lee county Fl for a 100% finance of $184,000 loan. Was there a change as of January 2017 where USDA does not cover closing cost??
USDA Mortgage Source says
#1 – Exact closing costs can depend on many factors like the lender, state, property taxes, insurance, etc. Generally speaking, closing costs and all prepaid escrows (taxes and home insurance reserves) should be around 3%-5% of the purchase price.
#2- Nothing has changed, USDA still permits the home seller to pay all the buyers closing costs. This must be negotiated in the beginning while writing the purchase contract. USDA also permits the home buyer to “roll in” all their closing into the loan amount – ONLY assuming the appraised value of the house it high enough. This option can be used if the home seller does not want to pay any buyers closing costs.
Example – You are purchasing a home for $184,000 and need $9,000 in closing costs. As long as the home appraisal comes back at $193,000 or higher, you can include all the closing costs into your loan. This option has nothing to do with the home seller.