Home Buying in Florida>Question Details

Oliver Mb, Home Buyer in New York, NY

USDA Qualifications???

Asked by Oliver Mb, New York, NY Sun Mar 8, 2009

I checked the USDA website and found a couple addresses in Florida that are eligible for funding: (Hernando,Seminole, Lake Counties). Those are the areas my fiance and I are interested in. How do I check if my personal situation (credit, income, # of persons in family) will qualify me for the loan? I have a 3 family household and I'm currently making $50,000 living in New York City. This is a relocation in order to start our new life as a newly wed - tired of New York.

On the USDA website, I can input the address of a certain house, and it tells me if that address is eligible. Is there a site that can tell me how much I will qualify for in those areas. I already did a pre-qual in New York City but the broker told me that if I leave the state I would have to get a different pre-qual since the cost of living is different for other places.

Basically, without going to a mortgage personnel, is there someway I can check how much I'll be qualified for. I like to be an educated buyer.

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Answers

2
On the site under the Property Eligibility, there is a Income Eligibility.
You would look at this.
They are hopefully getting ready to change the guidelines to be better at the end of March and effective mid. of April.
As of right now, this is the income limits:
3 people not more than $63,700.00
So you take your annual gross and subtract $480.00 for each child.
All of this is on the site though.
If you need help, you can give me a call and I can walk you thru it.

Are you going to have a job here before you move?
Chris Suarez
0 votes Thank Flag Link Sun Mar 8, 2009
Hi Oliver:

Here is a great reference and shoud answer most questions - http://www.rurdev.usda.gov/fl/qkgde.pdf

Hope that you find this information helpful - Make it a great evening.....
0 votes Thank Flag Link Sun Mar 8, 2009
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