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LET'S GO USDA!
Considering the unique benefits of the USDA mortgage loans? You might be thinking it's only available to first-time home buyers. But the fact is, all families within the 115% of the median income for their area, are eligible for the benefits - even if they have owned a home in the past. This also includes those who currently own a home that is not in the local commuting area. Pretty amazing if you ask us. Let's get started!Show Less
LET'S GO USDA!
Considering the unique benefits of the USDA mortgage loans? You might be thinking it's only available to first-time home buyers. But the fact is, all families within the 115% of the median income for their area, are eligible for the benefits - even if they have owned a home in the past. This also includes those who currently own a home that is not in the local commuting area. Pretty amazing if you ask us. Let's get started!
Is a USDA loan the right one for me?
If you’ve never heard of the USDA loan program, you’re not alone. It’s a niche product serving a fraction of the U.S. housing market, and most banks don’t offer them. However, eligible suburban and rural home buyers can use it for 100%, no-money down mortgage financing, and it’s a program that we offer our clients here at Sun American Mortgage.
USDA loans are intended for moderate-income families, those having annual household income at or below 115% of the median income for the area. USDA loans are insured by the U.S. Department of Agriculture and the program’s biggest feature is its option for “no money down” financing. Via the USDA you can finance 100% of a home’s purchase price, while having access to better-than-average mortgage rates. Click Here to check your income eligibility.
What are the requirements for a USDA loan?
Eligibility may be restricted to rural areas – “rural” being defined very loosely. USDA loans are great because they’re extremely accommodating to low-income consumers. Click here to see eligible areas if you’re shopping for a property.
Unlike conventional mortgages, there’s no down payment required – the loan can even cover closing costs if the seller doesn’t. If your FICO score is less than perfect, or you don’t have a lot of recent credit history, you still may qualify.
Main points of qualification for USDA loans
Rural Areas Only
The goal of the USDA loan program is to help our nation’s smaller, rural communities thrive by making property more affordable.
Because of all the advantages of the program, the USDA loan is only for primary resident borrowers, and you can’t currently own another property.
A score of 640 or higher is desired, although exceptions are made for those who have less than perfect credit. An explanation of your credit challenges will be required.
Lenders will take a look at your debt-to-income ratio, too. Your PITI (mortgage principal, interest, taxes and insurance) must be less than 29% of your monthly income. All additional monthly debt can be no more than 41% of your income.
There are maximum income requirements that vary by state and county, and by family size. Typically, adjustments are made for disabilities, dependents and so forth.
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