COULD A USDA HOME MORTGAGE LOAN BE RIGHT FOR YOU?

COULD A USDA HOME MORTGAGE LOAN BE RIGHT FOR YOU?

Unless you're dreaming of living on a few rural acres, you might be thinking "No." But a it turns out, the answer might be "Yes."

United States Department of Agricultural loans are not limited to agricultural properties - or even agricultural neighborhoods. In fact, homes in communities with populations of up to 35,000 can be eligible.

If you're fleeing the big city to get just "a little way out," you and the house you want could qualify. Check the map you'll find at https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to see if the location you want is eligible.

USDA loans are sometimes thought to be only for low income borrowers. But that's not true either. If you have a moderate income - up to $95,300 for a household of 1 to 4 people, or up to $119,200 for 5 to 8 people - you'd qualify.

USDA has two distinct loan programs - the Single Family Housing Direct Home Loans, which are for very low-income borrowers, and the guaranteed loans, which are for moderate income borrowers.

But aren't these just for first time buyers? No, not at all. Under USDA regulations, borrowers can only own one home at a time. But if you sell one to buy another, you can use this loan program as many times as you wish. And yes, you can go forward with your USDA loan before a sale on your present home is closed. It just needs to close before you can close on the new loan.

Qualifying for a USDA mortgage loan is easier than ever. Most lenders will place these loans with a credit score as low as 640, and the application process has been streamlined to make it easier to qualify.

The best benefits of all: Interest rates are even lower than for most other loans today, and fees are low.  In addition, some low-income borrowers can buy with 100% financing.

If you're fleeing the big city, talk with your lender about a USDA home mortgage loan. This might be the loan you been wishing for.



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