Is a USDA (United States Department of Agriculture) Mortgage Loan right for me?
Very few people don’t know about the USDA Mortgage loan. Most go for FHA or conventional.
- Conventional 5% to 20% down.
- FHA 3.5% down.
- VA 0% down.
- USDA 0% down.
The USDA Loan is available to anyone that meets income and credit requirements.
USDA, or the United States Department of Agriculture, designed this loan to pull the population out of large metropolitan cites and into surrounding areas. USDA eligible properties are typically located outside of city limits, in suburbs or rural areas. The USDA Guaranteed Loan is not meant to finance farms rather they are geared towards the standard single-family home.
This zero-down, 100% financing home loan has income limits, and property eligibility requirements, however you don’t have to be a first time home buyer to take advantage of this great home mortgage option.
Another USDA Loan advantage is that the USDA Loan’s mortgage insurance fee is just 0.35% monthly – nearly half of what is charged on a conventional loan and a quarter of what is charged on FHA. There are no loan amount limits like FHA, instead the applicant’s income determines the maximum loan size. USDA Loans also allow for the buyer to roll their closing costs into the mortgage up to 100% of the appraised value of the home.
Copied and pasted from USDAloans.com website
- Less than perfect credit score (No Problem)
- Chapter 7 bankruptcy (No Problem after 3 years)
- Chapter 13 bankruptcy (No Problem after 1 year)
To see if you qualify, and for more information, click on this link now.
When you are ready to apply for a loan, it will be easier for you and the lender to have these things ready.
- Address to your place of residence (past two years)
- Social Security numbers
- Names and location of your employers (past two years)
- Gross monthly salary at your current job(s)
- Pertinent information for all checking and savings accounts
- Pertinent information for all open loans
- Complete information for other real estate you own
- Approximate value of all personal property
- Certificate of Eligibility and DD-214 (for veterans only)
- Current check stubs and your W-2 forms (past two years)
- Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
DISCLAIMER: We do not endorse any website that you click on, on our website. We want you to be fully informed of the process so that you can make an informed decision on what is right for you.
Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.