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USDA mortgage loans are offered to rural property buyers by the United States Department of Agriculture. Such a mortgage loan can be used by first time home buyers to raise the funds to buy property. The USDA rural housing loan is a 100% financing loan which means that you can finance the full amount of the property value. It requires no down payment either. This makes it perfect for first-time home buyers who don have a lot of money saved up.
How to Apply for USDA Mortgage Loans
If youe planning to apply for this guaranteed housing loan program Alex Pietrangelo Jersey , you must contact a local mortgage lender. An USDA sponsored program might seem like something targeted to ranchers and farmers. But in reality, your occupation has nothing to do with the matter. Eligibility for the loan is based solely on income and location of the property.
What Makes You Eligible for USDA Rural Housing Loan
Property location is the most important factor for qualifying for USDA mortgage loans. It has to be located within a USDA eligible area. While the idea of a rural area brings a specific image to mind, 97% of USA is actually eligible. So Paul Stastny Jersey , there is a high chance that the property you want might be eligible for financing. Go through USDA maps to browse locations or pinpoint a specific address. You can also ask an USDA loan officer whether your property is located within an eligible area.
The total income of your family needs to be 115% of your region median income or less. As of 2018, the income limit for 1-4-member families is $82,700 and the income limit for 5+ member families is $109 Dmitrij Jaskin Jersey ,150. Keep in mind that your entire household income will be counted by the loan lender. This would include for example, a working teenager who is not on the loan.
To qualify for USDA rural housing loan, your credit score has to be 640 or above. You could also qualify by proving that your credit score was affected by things outside your control. It could be a temporary situation or due to medical emergencies.
?The borrower needs to be an US citizen Alexander Steen Jersey , an US non-citizen national or a qualified alien.
?You would have to submit a 24-month history of dependable employment and show adequate income.
?Being a first-time home buyer is not compulsory. But you cannot own any adequate, livable housing close to the property youe planning to buy.
?You must occupy this property as your primary residence.
Why Should You Opt for USDA Rural Housing Loan?
USDA mortgage loans have numerous advantages for first time home owners in rural or suburban areas.
?It is a zero-down loan, so you need to make absolutely no down payment.
?You can get financing for 100% of the property value.
?Mortgage rates are extremely low because of the government backing on the loans. This makes it safer and cheaper for mortgage companies and private banks to lend. The mortgage insurance premium is as low as 0.30%
?USDA offers 15 years and 30 years fixed rate loans. Adjustable rate loans are not available
?Affordable homeownership promotes settlement in less densely populated parts of the USA. This in turn Brayden Schenn Jersey , promotes better quality of life in rural areas and creates prosperous communities. We hope this serves as a comprehensive guide for first time home buyers looking for a primary residence.
With the help of USDA Mortgage Loans like the USDA Rural Housing Loan , low and moderate-income households can buy property.
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