A statement from Rural Development regarding Income Limit Modification:
As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 - 4 member household and a 5 - 8 member household will replace the 1 - 8 person structure. The present add on limits for larger households will remain the same.
What this means is that more buyers will be able to take advantage of this great program!
In Carroll County, for a 1-4 person family, the income limit is $84,100. For a 5-8 person family, the income limit is increased to $111,000. The increases are substantial, especially since a lot of NH home buyers are in this range.
The Rural Development Guaranty Program allows customers to purchase a home with no down payment, no monthly mortgage insurance, and the seller can contribute up to 6% of the sale price, which is usually more than enough to pay the closing costs!