The USDA recently published the 2014 – 2015 income limits for the 100% 502 Guarantee Program offered to all Florida rural eligible locations.
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|FLORIDA COUNTIES||1- 4 person household||5 – 8 person household|
|All Florida counties EXCEPT those listed below:||$74,750||$ 98,650|
|Clay, Duval, Nassau, St Johns||$77,400||$102,150|
|Manatee and Sarasota||$75,200||$99,264|
|Okaloosa and Wakulla||$78,650||$103,818|
|NOT ELIGIBLE are Broward, Pinellas and Monroe|
|Add 8% of 1-4 person limit for each person in excess of 8 persons.|
Please remember the following:
- Homebuyers can take deductions for certain things like minor children living in the household. In addition, documentable child care expenses, disabilities, elderly, etc. Please add $480 to the income limits for each child living in household.
- The USDA income eligibility limits above apply to ALL members in the household that produce income, regardless if they are listed on the USDA mortgage application or not. The only exception to this rule is employed full time students. As of 12/1/2014 – Full time students income is essentially except from the household income calculation.
- The USDA income limits only applies to household income at the time of closing on the house. Future income and/ or earning potential is not considered.
Serving all of FLA – Orlando, Tampa, Jacksonville, Lakeland, Ocala, Gainesville, Pensacola, Tallahassee, Sarasota, Naples, Daytona, Kissimmee. 2015 USDA income limits