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STAKEHOLDER ANNOUNCEMENT: USDA Announces Simplified Income Tiers for Rural Home Loans

Kelly K. Clark
Carson City
Release Date

Acting Assistant to the Secretary for Rural Development Joel Baxley today announced that USDA has simplified income eligibility, asset rules and area loan limit determinations for the Department’s single-family housing loan programs.

USDA has created a two-tier income structure for eligibility for USDA single-family housing loans. One category is for one- to four-person households. A second category is for five- to eight-person households.

Certain types of assets – such as retirement and education savings – are excluded when calculating an applicant’s down payment ability. 

These changes are effective July 22, 2019.

Effective Aug. 5, 2019, loan limits in USDA’s single-family housing programs will be determined using a percentage of the Federal Housing Administration’s loan limits. This new methodology will allow for more new construction within USDA’s single-family housing loan programs.

For complete information, see page 29034 of the June 21 Federal Register.