USDA Borrower Eligibility:
- Applicants must have a dependable and adequate income
-Must be a U.S citizen, qualified alien, or legally admitted for permanent residence by the United States
-Adjusted annual income may not exceed the income limit that has been established for the area in which the home is located. In Arizona the income for a 1-4 person family is $74,050 (all areas in AZ except Phoenix MSA) to $76,600 (Phoenix MSA) the last time I checked about 6 months ago.
-All adults in the household who have an income must be included in the total gross income of the household. Certain adjustments to gross income, such as child care costs, may be taken into account in order to meet the income qualification.
-Applicant must have a good credit history with a credit score of 620 or higher
-The mortgage payment plus tax and insurance must not exceed 29 percent of the gross monthly income.
-Total debts must be lower than 41 percent of the gross monthly income
If you need additional information please contact me at firstname.lastname@example.org or (602) 482-8208.