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UPDATE: Improved USDA Income Eligibility for Part-Time and Second Jobs

April 24th, 2020 by Sean Stephens

Tampa FL USDA Approved Lender List

USDA income eligibility guidelines have recently been updated and now allow for more flexibility with earnings received from part-time and secondary types of employment. This means enhanced USDA income eligibility and qualifying ability!

In today’s video, I will discuss the recent changes and explain how this income may be used to improve your USDA qualifying ability.

Before we get started, don’t forget to download any of our USDA Free Resources which includes valuable tips, guidelines, and additional information on understanding the USDA qualifying process.

USDA Income Eligibility

Part-Time and Second Jobs

Improved USDA Income Eligibility for Florida, Alabama, Texas, and TennesseePrevious USDA guidelines required receiving this type of income for at least two years before it could be used to qualify for a USDA loan.

Now, updated USDA guidelines only require income earned from Part-Time and Secondary Employment to be received for one-year when using towards USDA income eligibility.

USDA guidelines also state that these types of earnings…

will be presumed to continue unless there is documented evidence the income will cease

Seasonal Employment

However, for those who receive income from seasonal employment, there has been no change to the qualifying guidelines. Seasonal employment still requires a full two-year history of receipt before it can be used for USDA income eligibility.

USDA income limits in Florida

Moreover, USDA guidelines also require that total household income be calculated when determining the county’s USDA income limit.  This means that if even when we are not able to use certain types of income for qualifying purposes, that household income is still counted towards the all-important USDA income limit for that county.

Each Scenario is Unique

Remember that each scenario is unique, so let our USDA expertise, efficiency, and program knowledge go to work for you! My team is built to help walk homebuyers through the USDA process step by step.

Just simply call (800) 806-9836 Ext 280 or email SeanS@MPLX.org so we can help identify and properly calculate USDA income eligibility when using Part-Time, Second Jobs, or even Seasonal Employment.

As always, I want everyone to make it a great day and look forward to seeing you right here for the next tip of the week!

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