Acting Assistant to the Secretary for Rural Development Joel Baxley today announced that USDA has simplified income eligibility, asset rules and area loan limit determinations for the Department’s single-family housing loan programs.
USDA has created a two-tier income structure for eligibility for USDA single-family housing loans. One category is for one- to four-person households. A second category is for five- to eight-person households.
Certain types of assets – such as retirement and education savings – are excluded when calculating an applicant’s down payment ability.
These changes are effective July 22, 2019.
Effective Aug. 5, 2019, loan limits in USDA’s single-family housing programs will be determined using a percentage of the Federal Housing Administration’s loan limits. This new methodology will allow for more new construction within USDA’s single-family housing loan programs.
For complete information, see page 29034 of the June 21 Federal Register.