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APPLICANT ELIGIBILITY
APPLICANT AND INCOME REQUIREMENTS |
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Cannot currently own housing within local commuting area
Does not have to be a first time buyer
Have the ability to personally occupy the dwelling
Be a citizen of the United States or be admitted for permanent residency
Be without adequate down payment funds to secure conventional credit
without the guarantee
First time home buyers are encouraged to complete "Home Buyer
Education Class" prior to close of escrow.
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YOUR INCOME |
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Applicants must have adequate and dependable income, typically with a
history of 24 months
Qualifying ratios ar 29/41; however, PITI ratio up to high 30's for PITI
and MOTI ratio up to high 40's with strong compensating factors such as
good credit scores, stable employment history, potential for increased
earnings, and ability to save.
Large housing expense increase will be considered with acceptable
compensating factors.
Income to be verified with a written VOE and one month's current
paystubs, OR on month's pay stubs and two years of W2's
Non taxable income may be grossed up by the applicable federal tax rate
2/1 buydowns qualifying ratios are calculated using start rate.
Debts with more than 6 monthly payments remaining must be included in
qualifying ratios
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ELIGILITY INCOME |
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| Eligibility Income - Includes all income (salary, tips, bonus, overtime, alimony, child support, etc.) received by the applicant and co-applicant(s). This income is used to calculate qualifying ratios.
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ADJUSTED INCOME |
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| Adjusted Income - This is the applicant's eligibility income less the total of any of the following deductions applicable to the loan. Income from all household members must be included in the total adjusted income. This adjusted income must not exceed 115% of the median household income for the area. Please refer to the moderate income limit chart for a listing of income limites by county and total persons in household.
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ALLOWABLE DEDUCTIONS DETERMINE "ADJUSTED INCOME" |
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| MEMBERS OF HOUSEHOLD |
AMOUNT OF DEDUCTION |
| Each minor child under 18 year of age |
$480 |
| Each disabled or handicapped individual who is not the applicant or co-applicant |
$480 |
| Each full time student 18 years of age or older |
$480 |
| Each elderly (62 years of age or older) or disabled applicant |
$400 |
| Medical Expenses for any elderly family member |
Total that exceeds 3% of gross annual income |
| Child care expenses for children 12 years old or under |
Actual cost of care, supported by full documentation of cost |
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MODERATE INCOME LIMITS |
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Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are below. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
| SAN BERNARDINO COUNTY -- CODE 04-036 -- MODERATE INCOME |
| 1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
| 46,300 |
52,900 |
59,500 |
66,150 |
71,400 |
76,700 |
82,000 |
87,300 |
| RIVERSIDE COUNTY -- CODE 04-033 -- MODERATE INCOME |
| 1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
| 46,300 |
52,900 |
59,500 |
66,150 |
71,400 |
76,700 |
82,000 |
87,300 |
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