The USDA loan offers you the opportunity to purchase a home with no down payment. It is a great program with many flexible options. However, there is a catch. You cannot make more than the amount set by the USDA for your area. You can find the limits for your area here. The good news is there are ways to get around the USDA household income limits. Qualifying for a USDA Loan Qualifying for a USDA loan works a little differently than … [Read more...]
Finding USDA Homes for Sale
If you are in the market for a home and are interested in securing USDA financing, you likely wonder how you will find USDA homes for sale. Is there a list that you must follow or a website that will show you all of the homes for sale in your area that qualify for this financing? Unfortunately, the answer is no. There are no magic lists that will point you to the homes – what you will find, however, is a list of areas that fall under … [Read more...]
USDA Rural Development Loan: Who is the Perfect Candidate?
Every loan has a perfect candidate, especially those loans that are backed by the government. The USDA rural development loan is among those that the government backs up and is geared towards a certain group of people. The USDA loan was originally started to build up development in rural areas. In recent years it has become one of the hidden gems in the mortgage industry as it still allows for loans of this type in areas that … [Read more...]
USDA Loan Income Verification Requirements
One of the more popular questions we get when people apply for a USDA loan is: What kinds of income verification requirements are required for the USDA loan program? And many people tell us that they seem reasonable. Remember - the goal of the USDA loan program is to put eligible borrowers into a great loan program. When getting a USDA loan, the following income documentation requirements apply: A signed & dated IRS … [Read more...]
