The income limits, as of Monday, for Lane County are: $70,750 for a family up to 4 and $93,400 for a family of 5-8. 8% of the 4 person limit is added for each household member over 8. Additionally, all income for all members of the household is counted when determining the household income. There are some adjustments available and individual income calculations can be done here. To find out if a particular property is in or out of the urban growth boundary, you can check it here.

The map below shows the areas of Lane County that are not eligible for the USDA program.

Please note: Existing manufactured homes are not eligible for this program. It is possible, but very difficult, to place a new manufactured home on a property as part of this program. Mostly, the USDA program works most efficiently with a site built or “stick” built home. Also, these loans are for purchases only and the buyer may not own other property at the time of purchase. If the buyer is a first time home buyer, they will also qualify for the $8,000 tax credit since they meet the income requirements.

One of the best aspects of this program is that it offers 100% financing (no money down) and no mortgage insurance. That makes homes a lot more affordable for those that don’t have a lot of ready cash but can afford to make their house payment every month. Credit requirements are also quite liberal while rates are very competitive.

So, where can you purchase a home that qualifies for the USDA program? How about Creswell, Cottage Grove, Veneta, Junction City, Oakridge, Westfir, Swiss Home, Florence, Harrisburg, Halsey, and even some Springfield and Eugene addresses? The property currently listed at 8440 Thurston Rd, Springfield, comes back as eligible for this program. You can check out rural property addresses here. If you want more information about this program, please call or e-mail me.

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