USDA Loans PA: Income Limits 2024

Unlocking USDA Loan Opportunities in Pennsylvania: 2024 Income Limits

Are you on the hunt for USDA income limits in Pennsylvania counties? Your search ends here. Delve into the specifics below. If your annual earnings surpass these thresholds, fret not; there are provisions for adjustments within the USDA loan program.

Eligibility income encapsulates all earnings the applicant and co-applicant receive, including wages, tips, bonuses, overtime, alimony, child support, and more. These incomes are utilized to calculate qualifying ratios. USDA loan income limitations vary across states, metropolitan statistical areas (MSAs), and family sizes, with a national base income limit.

In Pennsylvania, the base USDA income limits are as follows:

For households of 1-4 members: $110,650
For households of 5-8 members: $146,050

However, there are exceptions to these general income restrictions, particularly in MSA areas. MSAs represent continuous geographic regions with relatively dense populations and may encompass multiple neighboring counties.

The USDA home loan program often imposes stricter income restrictions within MSAs.

Adjustments to USDA Income:

Gross annual income can be adjusted with the following criteria:

For each minor child under 18, subtract $480 per child.
Each disabled or disabled individual (not the applicant or co-applicant): Subtract $480 for each person.
Each full-time student, 18 years or older: Subtract $480 for each student.
Each elderly (62 years or older) or disabled applicant: Subtract $400 for each individual.
Medical expenses for elderly family members exceeding 3% of gross annual income
Childcare expenses for children aged 12 or under Actual cost, supported by complete documentation

The USDA publishes county and MSA income limits annually. You can find the publication at the following link:

https://www.rd.usda.gov/files/RD-GRHLimitMap.pdf

Scroll down to Pennsylvania, locate your county or MSA area, and refer to the "MOD. INC. GUAR.LOAN" line for income limit details.

Accessing USDA Income Information:

The USDA offers a lookup tool and an income calculator to simplify the process. Use the following links:

The monthly income screen refers to monthly earnings, which you can estimate using the income calculator provided.

Conclusion

Remember, to qualify for a USDA loan, the property must be located in an eligible rural area. Utilize the USDA property lookup tool to confirm eligibility.

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