Financing in Grand Ledge>Question Details

Erin, Home Buyer in Michigan

Regarding USDA Rural Development loans -- if my spouse and I together make too much to qualify,

Asked by Erin, Michigan Thu Apr 2, 2009

is it possible for just one of us to apply for this type of loan? How does that work?

Help the community by answering this question:


When considering USDA loan applicants, we look at the household income, not just the income for the borrower(s) listed on the loan application. The more people in the household, the greater the income limit.

Additionally, we can deduct child care expenses directly from your and your husband's gross income. That may serve well to bring your income within the limits.

If don't mind, please tell me what county you are in within Michigan and how many people are in your household.

I all else fails, FHA may be a great option for you. The down payment is only 3.5%. Hope this helps.
1 vote Thank Flag Link Thu Apr 2, 2009
This would be a great question for your lender. My understanding is that you would have to qualify using both of your incomes. Try the link below, it will have more information for you.

Best of luck!
Trey Miller
Prudential Tropical Realty
1 vote Thank Flag Link Thu Apr 2, 2009

Unfortunately no, that will not solve the issue. USDA looks at HOUSEHOLD income, regardless if one or both of you are on the loan.

I hope that helps.

Derek Bauer, Associate Broker / Realtor
Real Estate One
Web Reference:
0 votes Thank Flag Link Thu Apr 2, 2009
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