What are the income restrictions on this property? 509 Hubbard Josephine 75164

Asked by Sandrahillis38, Scurry, TX Tue Apr 17, 2012

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Tue Apr 17, 2012
Hi Sandrahillis38,

The home is eligible for the no money down USDA mortgage which has 2 separate loan programs with different household income limits.

The county income limit for the USDA guaranteed loan is $80,650 for a 1 to 4 person household.

The other option is the USDA direct loan and the county income limit for it is $50,500.00.

Please feel free to contact me for more information or help.
You can also find more information on the USDA program by going to my website listed below.

John Burke
Senior Mortgage Banker
ENG Lending
1 vote
Sam Young, Agent, Wylie, TX
Tue Apr 17, 2012
The income restrictions are based on the USDA backed mortgage. Here is a link to the USDA website to help you determine if you qualify. The purchase of the home is not based on income though, even if your income exceeds the USDA guidelines, the home could be purchased using a FHA or conventional mortgage.

Sam Young
Coldwell Banker Jane Henry, Realtors
Accredited Buyers Representative
(972) 837-0788
1 vote
Melissa Hail…, Agent, Plano, TX
Tue Apr 17, 2012
I definitely recommend looking into the USDA Rural Development loan. Of course, you will need to work directly with a mortgage professional for assistance with this. With this loan program you are able to purchase with No Downpayment....and currently this is the only loan program that offers 100% financing in our area.

I am happy to provide you with the contact information for some lenders in the area that can assist you with this. Plus - once you qualify for the loan, we can assist you with viewing this home (or others nearby that also qualify for this type of loan). Our agents will help you negotiate an offer and assist you throughout the entire process....we are here to help you buy your next home.

Please let me know if you have any questions at all. We would love to work with you.

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors

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