There are a few different types of mortgage loans out there, and you may have heard of the USDA loan program. This loan program is primarily designed for low income individuals or households to purchase homes in a rural area. The USDA loan funds can be used to purchase, renovate, build, or relocate a home.
Like with any mortgage loan, there are guidelines to qualify by. The guidelines are as follows:
- may have an income of up to 115% of the median income
- families must be without housing, but able to afford mortgage payments
- reasonable credit history
For the Single Family Housing Guaranteed Loan Program
- there is no required down payment
- interest for the loan is set by lender
- loan is for 30 years fixed
- repayment based on PITI and total family debt
- home must meet building code guidelines by the state and the HCFP thermal and site standards
For more information and to get your pre-approval for a USDA loan, call me to get my recommended lender information. Let’s get you started on your home search now!
Information provided by USDA site