What Does the Rest of the Year Hold for Home Prices?
Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home
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USDA loans are zero-down-payment mortgages for rural homebuyers. They’re mainly for borrowers with tighter budgets or those who can’t get a traditional mortgage.
A USDA home loan is a zero down payment mortgage for eligible rural homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
You must be a U.S. resident, noncitizen national or permanent resident alien. ​
Homes financed by USDA loans must be in eligible rural or edge of suburbia areas. You can see if a home is eligible by visiting the USDA’s eligibility site.
USDA loans are for families who demonstrate economic need, so your adjusted gross income can’t be more than 115% of the median income in the area.
To qualify you must show that you have a stable income and can make your mortgage payments without incident for at least 12 months based on your assets, savings and current income.
Your mortgage lender will also look at your debt-to-income (DTI) ratio when they consider you for a USDA loan. To give yourself the best chance of qualification, we generally recommend DTI of 43% or lower.
Most lenders require a credit score of 640 or better. If your score is close to that or below, you may still qualify. Send us a message and let's see what your options are!
If you are considering a USDA Home Loan, it is important to speak with one of our loan specialists to see if you are eligible and to compare the benefits and drawbacks of this type of loan against other types of loans.
Our team is here to help with any questions or inquiries you may have.
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The USDA offers three main mortgage programs:
These loans are issued by the USDA for qualifying low-income borrowers with interest rates as low as 1%.
These loans are issued by participating lenders and offer low interest rates and minimal down payments.
These loans are given to qualified homeowners to make repairs or improvements on their homes.
Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home
If you tried to buy a home during the pandemic, you know the limited supply
There’s no doubt about the fact that the housing market is slowing from the frenzy
When the pandemic hit in 2020, many experts thought the housing market would crash. They
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