x
We research, you save.
Bookmark

are there Jumbo USDA loans?

wondering if there is such a thing.
By ronwayland6671971 from OR Feb 3rd 2014
Reply

There really isn't a limit per se on the loan amount. It really boils down to your income and the property capped by your personal debt to income ratios. So, for example for a family of 4 or less in North Plains the income limit is $83,950 for all adults living in the home. That comes to $6,995 per month inccome. USDA debt to income ratios are 29/41. The first number is your housing expense. So, the lender would like to see your full house payment at about $2,028 per month including taxes, insurance and mortgage insurance. So, you'd probably want to state around a $325,000 purchase. This is of course an estimate and not a committment to lend. Drop me a line or visit www.Michael-Eiden.com for more.

Feb 3rd 2014

NO.. there is no such thing.. USDA is intended for low to mid income borrowers wishing to purchase a home. With USDA, your restricted by the amount of household income.. since it's low income that's being targeted, you wouldn't have sufficient income to afford a high priced, or jumbo loan.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 3rd 2014

The limit is the maximum allowable income, and your existing debts.

Feb 3rd 2014

There is no jumbo loan limits for USDA. The problem that you will run into with them is your Income to keep your debt to income ratio in line will be to high for the program. The USDA program is designed for mid to low income households not typically for Jumbo products

Feb 5th 2014

USDA has no loan limits. They do however have income caps, this will be the problem with a jumbo loan. Your income will be to large for the program to keep your debt to income levels at a qualifiable level. The program is really designed for mid to lower income family's not people looking to do jumbo loans.Call me to discuss this in more detail.Derick Condron 503-485-9500

Feb 5th 2014

Didn't find the answer you wanted? Ask one of your own.

Get an answer


Compare Lowest Mortgage Rates

$