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Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The Form.
WHAT IS A USDA HOME LOAN AND WHO QUALIFIES?
We are Highly Trusted By Clients Across the Nation For Their Nationwide & Kentucky USDA Home Loans & Mortgages
We are A Leading Nationwide USDA Home Loan Mortgage Lender, and for good reason. We have helped many families and individuals in Kentucky, Alabama, Arkansas, California, Florida, Indiana, Illinois, Louisiana, Maryland, Michigan, Missouri, Mississippi, New Mexico, South Carolina, Tennessee, Texas, and Virginia achieve their dream of home ownership through high quality mortgage lending serviced through the Home Town Lenders Inc. – Ridgeland, MS Branch.
The USDA Rural Development’s Single Family Housing Guaranteed Loan Program is designed to help borrowers purchase homes in rural areas. USDA Home Purchase Loans are an excellent benefit for first time home buyers as well as growing families looking to obtain the American dream of home ownership. Borrowers that qualify can purchase a home with no money down, which makes buying a home extremely affordable. In addition, USDA purchase loans also offer very flexible underwriting guidelines, the ability to finance in closing costs and a competitive a 30 year fixed rate option.
Contact our Nationwide USDA Home Purchase Mortgage Loan Officers to get prequalified and start your mortgage loan process.
Why is a USDA Home Purchase Loan A Great Deal?
The United States Department of Agriculture (USDA) has developed several loans to help low- to moderate-income borrowers to purchase or refinance a home in a designated rural area. The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist rural homebuyers across the country including Tennessee achieve their dream of homeownership.
For those who qualify, 100% financing is available, bringing the dream of home ownership within reach. With low interest rates and flexible guidelines a USDA home loan could help you achieve your financial goals. Many homeowners are surprised to find out how many properties just outside major cities qualify for a USDA loan even though they are anything but “rural
WHY USDA RURAL LOANS ARE A GREAT CHOICE
USDA loans are a very attractive option for borrowers who want to purchase a home or refinance their current USDA mortgage. USDA loans are for rural areas but rural does not necessarily mean remote. Do not assume that the eligible properties are all located miles and miles from civilization. A quick eligibility check will allow you to track down homes that meet the USDA guidelines. Guess what? Many eligible homes are in close proximity to some of the nation’s fastest growing metro areas.
USDA financing is one of the only mortgages available other than those for members of the US military that offer zero money down. It is an excellent option for those with low to moderate incomes or less than perfect credit. Payments are kept affordable, thanks to the fact that the loans are 30-year fixed rate mortgages.
WHAT ARE THE ADVANTAGES OF USDA HOME LOANS?
- No down payment
- Credit scores down to 620 (Special Restrictions Apply)
- No maximum purchase price
- Up to 50% debt to income ratio
- Easy to use gifts for closing costs
- Allows for 6% seller paid closing costs
What are The Requirements For A VA Purchase
- 3 Years from Foreclosure or Short Sale
- 2 Years from Discharge of Chapter 7 Bankruptcy
- 3 Years from Discharge of Chapter 13 Bankruptcy
WHAT ARE THE ELIGIBILITY REQUIREMENTS FOR USDA HOME LOANS?
As part of the American Recovery and Reinvestment Act that came about in 2009, the requirements for USDA home loans have become more streamlined and opened the door for higher eligibility rates. Borrowers must still meet certain income requirements and provide a credit report; however, the guidelines are not as strict as they were previously. Below are the top eligibility requirements to get familiar with before you consider a USDA loan.
- Geographic Area The home you are buying must be in one of the geographically qualifying areas which are designated as Rural for USDA Loans
- Property Type. The home you are buying must be a single family residence. It must also be your primary residence.
- Credit. All USDA Loans require a credit score of a least 600 or higher to qualify.
- Debt Ratio. Typically with a full approval your total debt to income ratio can be as high as 50% in some cases.
- Income Limit. USDA Loans have a maximum income limits for the median income in your area. If you make more money than the limit, you will not qualify. There are different brackets for determining the maximum income allowed. Those are determined by your geographic area and the number of people living in the household
WHAT ARE SOME POPULAR USDA LOAN PROGRAMS?
Be sure to take a close look at USDA and their programs to find out which one is right for you. Contact Our National USDA Rural Home Loan Officers today to get more information about USDA Home Loans and start your pre-qualification or loan process.