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What are the employment requirements for USDA loans?

by MHavisham from Hernando, Mississippi. Nov 30th 2012 Reply


Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

502 Guaranteed Rural Housing Loan program income limit is generally based on 115% of the median county income adjusted to family size. Rural Development provides a Web site where you can check your income eligibility. : Don't automatically assume you don't qualify. To determine adjusted income, RD allows potential borrowers to deduct from their gross income select amounts based upon the number of dependents in a household. Childcare expense, un-reimbursed medical expense exceeding 3% of gross income, and other factors are considered in determining eligibility. Best of all, these deductions are ignored when payment ability is determined. You get to use your gross income to qualify

Nov 30th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

USDA is not different than any other type of conventional, conforming loan product.. They will all require a 2 year work history, preferably in the same line of work.. if you were a salaried employee, and your employer switched you over to commissions, then you would have to be receiving commissions for at least 2 years to use that income... also keep in mind that USDA has restrictions of how much income you can make, and it's based on the combined income of all working adults within the household, even if they are not on the loan.. USDA loans are for low income borrowers in rural area's who wish to purchase a home.. so the government will restrict the income and verify everything with tax returns.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 30th 2012
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DOUG CAPPS (DOUG CAPPS)
#1 ranked lender in Mississippi - 205 contributions

Hi MHavisham,A minimum two year employment history is required - preferrably in the same line of work. If you have more questions, please email me or give me a call, we're located here in Hernando. Thanks!

Nov 30th 2012
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Douglas Caire, Jr (dpcaire)
#21 ranked lender in Louisiana - 4 contributions

USDA loans, like other government loan programs, requires verification of the 2 years previous employment. Be aware that there are also income limitations based on your geographic location. Here in Louisiana, the maximum allowable income for a USDA loan is $75,000. Check with a broker in your area to see what the limitations are for you.Good luck,Doug Caire(504)684-8522Oak Tree Mortgage Corporation

Nov 30th 2012
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Sunny Miceli (sunny@sunnymtg.net)
#2 ranked lender in Mississippi - 5 contributions

Good Afternoon, MHavisham Unfortunately your question is extremely broad and as you can see there are a number of answers; however your best answer will come with a detailed explanation of what your specific situation entails. Please feel free to call all lenders involved as certainly you will be better served by interviewing lenders and deciding who will better meet your needs. Please contact me directly and we can discuss your individual circumstances.

Nov 30th 2012
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Sunny Miceli (sunny@sunnymtg.net)
#2 ranked lender in Mississippi - 5 contributions

Good Afternoon MHavisham: Unfortunately your question is too broad as you can determine from the multiple answers given. You will be better served to contact several lenders wherein they can obtain the detailed information necessary to make a clear determination of your income qualifications. Please remember that obtaining a mortgage loan requires extensive communication and a trust relationship with your lender; this is the purchase of your home and you must be fully informed. I will be more than happy to discuss your scenario directly

Nov 30th 2012
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