This zero-down payment mortgage helps lower-income people become homeowners. investinyou (In partnership with acorns.)
The USDA loans are meant for low- to moderate-income borrowers. "Most limits are set at 15% above the median income [in an area]," Jones said. You can generally earn about $9,000 above that level.
"It's done on the community level," Jones said, noting that income limits might differ even within a given state. "In high cost-of-living areas, you'd be able to have a higher income." For instance, in the suburbs of Cleveland, a family of four could earn up to $69,000, assuming a median income of $60,000.national sales manager for Union Home Mortgage
The loans aren't meant to help someone who earns $250,000 a year and if your salary is too high, you won't qualify. Having 20% available for a down payment will also disqualify you. USDA loans are designed for people who can't get approved for a conventional mortgage. Population size is another factor. The loans are not available for densely peopled cities like New York, Cleveland or Columbus, Ohio. "But many suburban areas qualify because of their size," Jones said. For example, Medina County in Ohio has a large number of townships with eligible properties.
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