*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
There are many different types of mortgage programs available to borrowers, but each of them have differences and quirks that are strictly associated with that program. For instance: a conventional loan requires a 3% down payment, an FHA loan requires an up front mortgage insurance payment, and only veterans and their spouses can apply for a VA loan.
Some mortgage programs have something called an "income limit" that borrowers have to abide by in order to qualify for that type of program.
This income limit is a "combined income limit", which means that a loan officer will combine the incomes of each borrower on the loan. If the borrower's combined income is less than the income limit requirements, they can qualify for the loan.
Two of the main loan programs that we deal with, that have income limits associated with them are USDA loans, and Utah Housing loans.
In 2022, USDA (United States Department of Agriculture) loans have an income limit of $103,500 for families that have 1-4 member households. The income limit for 5-8 member households for a USDA loan is $136,600.
Utah Housing loans also have an income limit associated with their loan product. Each example listed below includes the income limits for Utah Housing loans in 2022 with three or more people living in a household. There are different income limits for 1-2 person households. If you have any questions on 1-2 person households and the income limits associated with them, please contact me and we can discuss the numbers.
Washington, Beaver, Cache, Carbon, Daggett, Emery, Grand, Millard, Rich, Sevier, and Uintah counties have an income limit of $110,200. Those that live in Box Elder County have an income limit of $116,000.
Homes in Salt Lake County have an income limit of $117,700 and Utah, Juab, Duchesne, Garfield, Iron, Kane, Piute, San Juan, Sanpete, and Wayne Counties have an income limit of $134,100.
Tooele County has an income limit of $114,300, and Davis, Morgan, Summit, Wasatch, and Weber counties have an income limit of $140,700.
These income limits aren't there to put any strain on a borrower whatsoever. These requirements are there for the benefit of borrowers who need these loan products to qualify for a home. They are not there for those who just want to save some money, but can qualify for different loan products.
These loan products are available to anyone who qualifies for them, please reach out to me to learn more.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
Comments