Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Danielle Engels from Dakotaland FCU. Listen, as she explains some of the new changes for the Rural Development Loan qualifications.  You can reach Danielle at 605.697.5922 or daniellee@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 Income Qualifications for Rural Development Loans

- Hey, good morning everybody, Shane here, from the Brookings Home Team, powered by Century 21. It is Monday morning, it is 8:15, and I have a lender next to me. So that must mean it's a Monday Morning Mortgage Tip. I got Danielle here from Dakotaland Federal Credit Union here in Brookings, and we're just gonna just jump right into it here and talk about today's Monday Morning Tip. So, thanks, again.

- Yeah! Good morning. I thought I would go over a little bit about income qualifications for rural development loans. So when you are applying for a rural development loan, in order to qualify for the program, we have to use everyone in the household's, basically all household income. So for example, if you're married and you have a spouse, and the application is only in one of the person's names, so let's just say the wife applies, and the husband is not on the loan, the husband's income still has to count towards qualifying for the program. Same thing if you have a part time job. So if you have a part time job or you have overtime, those, that basically, that extra income has to be figured in and calculated to see if you would qualify for the program. On the flip side, then, when we use it--

- There's always a but!

- Yes! But... On the flip side, so once you qualify for the program, that doesn't necessarily mean that that's all the income we can use for qualifying for the loan. You have to have a part time job or be receiving overtime for two years to use that as far as payback for when you are qualifying for the loan, for the loan amount itself. So just keep that in mind, sometimes people think if you are just applying, you know, solo, that you can qualify for the program. But if you do have a spouse, or it could even be like a mother-in-law that would live with you, or a family member if they're living with you, and they are working. We have to use that income as well for qualifying for the program. Anyone in the household.

- So, and I was just going to say,

- Yep. So anybody in the household that is, I suppose, what, 18 and older?

- Yes.

- So. Yep, exactly.

- So, you could have a litter of kids that could be workin'.

- Yes. We don't, yeah, we don't get, we don't count the children. Yes.

- Okay.

- So. Perfect.

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