Florida USDA income limits requirements

Below you will find a quick guide to the current USDA Rural Housing income limits for all Florida counties. USDA is wonderful home loan option for first time home buyers looking to achieve the dream of homeownership.

Project the cumulative gross income of all adults in the household.

• THE TOTAL HOUSEHOLD  INCOME CAN BE MUCH HIGHER THAN THE ADJUSTED INCOME LIMITS
• If total income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 or younger plus you can deduct $480 for anyone under 18 or a student who is not one of the applicants. Other deductions may be available. No need to memorize deductions. Use the calculator at http://eligibility.sc.egov.usda.gov Click ‘single family’ under “Income Eligibility”
• Example: Clay County 4-person family (2 adults, 2 children) has a gross income of $88,250. Child care for the two children age 12 or less is $10,940 annually. Is the threshold income at or below the limit? YES. $88,250 less $10,940 child care less $480 for each child = $76,350