USDA

Income limits tend to vary depending on factors such as the location of the home and the desired loan amount. Other eligibility criteria for a USDA loan include:

• You’re an American citizen.
• You have a regular source of income.
• Your monthly payment, including taxes and insurance, should be 29% or less than your monthly income.
• Your other monthly debt payments are less than 41% of your income.
• No account of yours has made it to collections in the last 12 months, although you may qualify if you can prove that the reason for default was beyond your control.
• If you have a credit score of 640 or higher, you benefit through streamlined processing.
• If you have a limited credit history or no credit score, you may qualify by using nontraditional references such as utility bill payment and rental histories.