Usda (loans, approved, credit, loan)

[hfgentry]

According to the calculator I make 2100 more than the max for a USDA loan. The property is approved ... Is there any deductibles that can be used? Any way to get this approved?

[ndb3]

I've looked into it before when I lived in NJ and there are deductibles, but I can't remember exactly what they were. The best thing is to call a lender that does USDA loans and ask them about your specific situation.

[DanBev]

Since this thread is here I will ask a question.I have never read anything about this type loan.I have a buyer that would like to purchase my home with this type mortage.He is approved for enough money.Are there any pitfalls or surprises in this type mortgage.Are they hard on the seller being gov't.Can closing agent be sellers choice? In other words picky,picky!!

[rcarrillo]

Originally Posted by hfgentry

According to the calculator I make 2100 more than the max for a USDA loan. The property is approved ... Is there any deductibles that can be used? Any way to get this approved?

There are 2 factors they usually take to adjust income. The first is the # of people in the household, the more people the more income that can be made (total household income is used). The other is dependents... there is a credit for each one in the home (they are also counted in the total # in household).

Other than that, I don't think you can use any other deductions as you do in filing taxes.

[LJ Charlotte]

Originally Posted by hfgentry

According to the calculator I make 2100 more than the max for a USDA loan. The property is approved ... Is there any deductibles that can be used? Any way to get this approved?

Do you have any childcare expenses? Do you have anyone under 18, full time student, or disabled living with you by any chance?