ZERO DOWN USDA MORTGAGES FOR EXISTING & CONSTRUCTION

ZERO DOWN USDA MORTGAGES FOR EXISTING & CONSTRUCTION

A USDA loan is one of the only loan programs offered that allows you to finance 100% of your home’s value. That means no down payment of any kind!

This loan program can be used for existing homes and to construct a new home !
USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.

A USDA loan requires a middle credit score of at least 620. If you are close, apply and I can help raise your credit score.

USDA home loans offer affordable 30 year terms. If you are a first time home buyer, or not, a USDA loan is the perfect fit.

A USDA loan allows you to finance in your closing costs up to the appraised value. Making the USDA loan the only mortgage on the market with this ability.

Location Qualification:

To be eligible for a USDA Loan the home being purchased has to be located in an area deemed eligible by the USDA’s Rural Development department. I can check the address for you if you contact me.

Income Qualification:

Per USDA’s Rural Development guidelines there are household income caps for the program which it has segregated based on county. The income caps include total household income. Not just the persons on the loan but any person that will be residing in the residence. The average income cap for total household income is about 78,200 a year for a one to four person household. Once you have more than 5 persons in the household the income limit goes up dramatically. Areas with higher median area income will have higher limits. Be sure to contact me to verify if your income meets the guidelines for the USDA loans program in your area.

USDA Loans Underwriting Approval:

To be approved for a USDA loan the borrower or borrowers must meet credit requirements. Your USDA loan application can receive an underwriting approval down to a 620 credit score, although it is much easier to get approved over a 640. Applicants must demonstrate repayment ability for the loan along with a job history of at least two years. If you have just graduated from school the two year employment history can be waived. If you require more in depth explanation please go to our USDA loans Guideline page.

If you are in the market to purchase a home you should apply for or research a USDA loan to determine if you are eligible. Im a USDA loan specialist and will be more than happy to see if you qualify.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.