Are you thinking of buying a new home? Are you worried about coming up with enough money for a down payment? Well, with a USDA home loan you don’t need to worry and you can be on your way to a new home with no down payment. The USDA home loan program was designed to help people who have a low income, low or bad credit and no money to put down get into a home, the best part is, you don’t have to be a farmer to be qualified for a USDA home loan.
All About USDA Loans
USDA home loan are mainly to help low-income families buy a home. Money from USDA programs can be used to buy a new house, build a house, fix or renovate a house or relocate a property. Borrowers must be able to meet certain income requirements to be qualified for a USDA home loan, usually up to 155% of the median income for the area is permitted for qualifications. Families and individuals must be without adequate housing, but must also be able to afford the mortgage payments including taxes and mortgage insurance.
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You Don’t Need to be a Farmer to Qualify for a USDA Loan
USDA loans may be for areas that are considered rural, but you will be surprised to find what areas are considered “rural”. The best way to find out what areas are eligible for USDA home loans is to check on the USDA website. You can browse areas on a map or type in a specific address to find houses/areas that are considered eligible. The USDA loan database can help specify to you which properties are eligible for USDA loan programs.
Are You Eligible for a USDA Loan?
In order to be eligible for a USDA home loan, there are a few things you’re going to need to verify. These things are as follows;
- Your income must not exceed 115% of the median income for the area
- You must have a credit score of at least 620 (the minimum for most lenders)
- Provide proof that you can afford and repay the loan and on time
- Not have an outrageous amount of debt
USDA loans don’t require borrowers to have a down payment. It may sound a little too good to be true, but it is. You can buy a house and not have to pay any money out of pocket. USDA loans also offer assistance programs for borrowers who can’t make their monthly mortgage payments on time. Even your closing costs can be rolled into your USDA home loan.
Ready to Start Your USDA Home Loan?
By contacting a USDA-qualified lending specialist you can learn more about your options regarding a USDA home loan. To start your lender search, click the link below and within minutes you’ll be matched with a lender who can help you will any questions you may have about USDA loans and can help get you started with your very own USDA home loan. It’s quick and easy and only takes a few minutes to get started.