14 Responses to "USDA Loans 2010 USDA Income Limit Update"

• 

  Jess says:

  June 4, 2010 at 12:04 pm

  Hello, I have a manually underwritten approval for a USDA loan with another lender. They did not know that USDA ran out of funds so they steered me to an FHA and we have already opened escrow. I’ve recently found out that USDA loans are back. I would like to go USDA but my lender says that we have to go with FHA because he says that his wholesaler is not actually funding although they are taking apps. Are you guys actually funding and closing USDA loans right now?
• 

  pauldunn says:

  June 4, 2010 at 12:36 pm

  Jess – Yes
• 

  ricky smith says:

  June 10, 2010 at 2:53 pm

  I have a usda loan in underwriting. The loan comes out of underwriting next week. I am suppose to close on my house on June 18th. I am wondering if they are handing out the funds(money) or are they issueing conditional commentments. I am located in the state of Oklahoma. Please explain to me what is going to happen.

  Thank You
  Ricky Smith
• 

  pauldunn says:

  June 11, 2010 at 7:17 am

  Ricky – with most lenders, getting a Conditional Commitment will allow your loan to be funded. Check with your lender, if they do not fund off of a CC you may need to look at finding a new lender.
• 

  ricky smith says:

  June 11, 2010 at 5:20 pm

  does the usda fund the loan or does a bank fund the loan when i get a conditional commitment for my loan

  thanks ricky smith
• 

  Melissa says:

  June 14, 2010 at 7:27 pm

  I live in Arizona and I was told that the USDA loans are out of funding. Is this true? And if so….how long before they will have funding back? We have found a house we would like to move forward with but we are waiting due to the funds running out.

  Thanks,
  Melissa
• 

  Melissa says:

  June 15, 2010 at 9:03 am

  I live in AZ and was wondering if the USDA program will be funded again this year.

  Thanks,
  Melissa
• 

  Melissa says:

  June 15, 2010 at 9:29 am

  How has the USDA process changed and where can I find the new guidelines?

  Thanks!
• 

  pauldunn says:

  June 15, 2010 at 10:27 am

  Melissa – we are funding Arizona USDA Loans right now. There is not a need to wait. You can apply here at Get Started on USDA. Please feel free to give me a call if you have any questions, I can be reached at 520-225-0380.
• 

  pauldunn says:

  June 15, 2010 at 10:28 am

  Melissa – the process has changed on the back end with lenders and should be transparent to the consumer. You can find Arizona USDA Loan guidelines here on the guideline tab above.
• 

  Judy says:

  July 3, 2011 at 3:44 pm

  I am on commission. How do you calculate and what kind of proof of income would you need to qualify for a USDA loan? Do you average the income within a certain amount of time?
  Thanks,
  Judy
• 

  pauldunn says:

  July 11, 2011 at 12:30 pm

  @ Judy – most underwriters will average your two year commission earnings. Some will put more emphasis on the commission trends.
• 

  Cheyenne says:

  July 23, 2011 at 8:39 pm

  My spouse obtained an FHA loan before we where married, he is in the process of a foreclosure or short sale, would I still be able to qualify for a USDA loan on my own if I qualify or is that held against me even not being on the loan? I do live in AZ. or would it be best to wait until his house is finalized ?

  Thanks,
• 

  pauldunn says:

  July 24, 2011 at 11:05 am

  @ Cheyenne – This is a tricky situation. The USDA will require a copy of your spouses credit be pulled. Since your spouses credit will show an existing mortgage on it, the USDA will not allow you to buy another home. Additionally, most underwriters will require verification of a satisfactory 12 month mortgage or housing history payment and since your home is in foreclosure, you will not be able to meet that requirement. To be eligible after a foreclosure, you will need to wait for three years after the date the title to the property changes hands.

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