 |
|
|
USDA Guaranteed Residental Loan - Quick GuideUSDA Loan Benefits:No down paymentRetain your savings No PMI Lower monthly payment Generous income limits based on 115% US median Deductions for dependents, daycare, elderly care are available Sreamlined processing with 620 FICO Easy qualification, no rental verification No maximum purchase price limit Choose the home that meets your need Eligibily Requirements: Is the property in a rural designated area? Check property eligibility Click on Single Family Home under the link Property Eligibility. Is your income within the Agency limit? Check if your income qualifies Click on Single Family under Income Eligibility Do you have reasonable credit? Your lender will make the credit decision. The USDA has streamlined processing with min FICO 620 Do you have reasonable repayment ability? Your total debt should be no more 41% of your income, 43% for homes built after Jan 1, 2000 Your monthly mortgage payment should not be more than 29% of your income, 31% for new homes. Maximum Adjusted Gross Income: Your total income can be much higher than the adjusted income limits. For example adjustments can be made for childcare expenses. Calculator is located at http://eligibility.sc.egov.usda.gov/eligibility Click Single Family under Income Eligibiliy Property Requirements: New or propose construction - needs to meet the state code. Existing homes - meet the current FHA standard for existing property. Repairs may be wrapped into the loan. Manufactured Homes - only new homes purchased from an Agency approved dealer Modular Homes - no restrictions Condo and town homes - meet the requirements of Fannie Mae or FHA. Flood Zone - homes, located in a flood zone must have flood insurance coverage Other Eligibility Criteria: U.S. citizen or permanent resident or qualified alien. Financed home must be primary residence. Property must be residential. Every effort is made to provide accurate and complete information on the USDA rural development loan. Best Deal Realty , however, does not guarantee the accuracy, or completeness of any information, product or process. Best Deal does not originate mortgages and this guide is offered as a general information. Please consult a lender for your particular situation. |