The U.S. Department of Agriculture (“USDA”) has issued Special Procedure Notice 618 to announce increased 2024 income limits for the Rural Development Single Family Guaranteed Loan Program. The USDA’s income limits are based on total household income and vary by household size and location. The new income limits apply to loans submitted on or after July 12, 2024.
Income limits for the Single Family Guaranteed Loan Program increased for all U.S. counties. For moderate-income, 1-4 person households, the income limit for most counties increased to $112,450 as of July 12, 2024. New income limits for 5-8 person households increased to $148,450. For households that exceed eight members, the income limit is increased by eight percent of the 1-4 person household limit for each additional person.
USDA income limits do vary greatly for high-cost counties, which allow for even higher income limits to account for the increased cost of living. For example, the moderate-income limit for a high-cost county like Kauai, Hawaii is $158,300 for a 1-4 person household and $209,000 for a 5-8 person household. The complete RHS Income Limits Map can be viewed here.
Both the USDA’s Guaranteed Underwriting System (GUS) and the Income Eligibility calculator on the USDA Eligibility Website have been updated to use the new income limits. Additionally, Appendix 9 of the USDA Single Family Handbook, HB-1-3550, and Appendix 5 of the Single Family Guaranteed Loan Program Technical Handbook, HB-1-3555, have been updated to reflect the 2024 income limits.
The USDA housing income limits apply to the entire household. Any member of the household that is 18 years old or older and earns income must be included in the total even if they are not included in the loan application. Customers using DocMagic’s USDA Single Family Guaranteed Loan Programs should ensure they are using the 2024 income limits that are in effect based on the subject property county and state.
If you have any questions, please contact DocMagic’s Compliance Department.
