THE USDA HOME LOAN
The USDA’s home mortgage program is one of two remaining $0 down home loans available today. The goal of the loan is to develop rural and suburban locations, providing affordable home buying options to low and middle-income families.
Benefits
The bonuses of a USDA home loan are numerous. For example, the loan offers…
- No Max Loan Amount
- Low Interest Rates
- Flexible credit standards
- No cash reserves required
- First time and experienced home buyers welcome
- Realistic Income Limits for Both Families and Individuals
- Non-traditional credit accepted for individuals with lack of traditional credit history built up
- Low Closing Costs
- Gifted Funds Accepted, No Documentation Needed
- 30-year Fixed Loan Rate
- 100% Financing
Are You Eligible?
You can determine eligibility with three questions.
- Is my house located in a USDA approved rural or suburban area?
- Is my total household income below 115% of the median income for the area?
- Does my credit and income meet my USDA approved lenders’ requirements?
For income, the factors below will be taken into account:
- Child care expenses
- Number of people in the household
- College students living in the household
- Disabled and Elderly persons
- Medical expenses
Johnson Tahoe Real Estate and a USDA loan expert can tell you where to look for homes eligible for the loan. That’s the easy part. These areas are usually located just outside of urban areas. If the population is below 20,000, chances are the location meets the eligibility standard for the loan. Areas around Lake Tahoe such as Zephyr Cove, Kingsbury and Stateline qualify.
Jasmine Reese is a content writer for USDA loans.com, a company specializing in rural loans and lending.
Leave a Reply