For example, presently the income limits for qualifying USDA Guaranteed Rural Housing Home Buyers in Ashland, Talent, Phoenix, Jacksonville, White City, Eagle Point, Shady Cove, Trail, Gold Hill and the surrounding rural areas would be qualified using the following income chart:
Medford, OR MSA GUARANTEED HOUSING PROGRAM INCOME LIMITS
STATE: OREGON ------------------- A D J U S T E D I N C O M E L I M I T S -----
1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8 PERSON*
Come January 20, 2009, if no changes are made to the proposed policy, any qualified borrower(s) with 1-4 person household will be qualified up to $70,750 annual income. Familes of 5+ will be qualified using $93,400 annual income.
This will help a LOT more Southern Oregon home buyers to buy a home on this great 30 year fixed rate mortgage program that doesn't have PMI! Plus, it is a much needed solution to offset the loss of the CashAdvantage Oregon Bond program, as well as the loss of most down payment assistance sources in our area here in Jackson County, Oregon.
If you wish to find out if you are qualified for this great program so you may BUY instead of RENT your home, contact us today at (541)608-6003 or go online at Quality4Loans .
Karen Cooper - Mortgage Consultant - Southern Oregon Housing Resources