In April of 2015, the USDA Rural Development Single Family Housing Guaranteed Loan Program updated the income limits for specific counties in New York.
An income limit, simply stated, is the maximum amount that a household family can earn and still qualify for the USDA Mortgage program. The income limit represents the total household income – meaning it’s a total of the incomes of each of the individuals living in the household. The limit changes based on how many individuals are living in the home.
As of April 2015, a number of the counties in Upstate NY were impacted by the change in the USDA income limits, including Albany County. Prior to April 2015, the maximum allowable income for a Family of 4 or less for Albany County was $90,500. For a family of 5 or more the maximum allowable income was $118,850.
Currently (July 2015) the income limits have increased in Albany County to $94,600 for a Family of 4 or less and $124,850 for a family of 5 or more. This increase will help more families qualify for USDA Home Loans. (Keep in mind that property eligibility is also a big qualifying factor for USDA Mortgages. The property has to be deemed “eligible” for the Rural Development Loan Program in order for homebuyers to qualify for this program.)
Albany County was not the only county impacted by this change. For a look at the income limits by county throughout the United States, review this handy PDF: USDA Income Limits Map
Interested in learning more about USDA Loans in New York State and how to qualify for them? If so, Maple Tree Funding can help! You can find lots of helpful information about USDA loans and other types of government sponsored mortgages on our website.
Ready to find out if you qualify for a home loan? Contact the experienced mortgage loan originators at Maple Tree Funding and get the process started today. Call (518) 782-1202 or fill out our online contact form to schedule your consultation today!