{"id":1887,"date":"2018-06-12T05:16:35","date_gmt":"2018-06-12T05:16:35","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/\/?page_id=1887"},"modified":"2024-04-06T14:54:52","modified_gmt":"2024-04-06T18:54:52","slug":"USDAMortgageLoans","status":"publish","type":"page","link":"https:\/\/dreamhomefinancing.com\/USDAMortgageLoans.aspx","title":{"rendered":"USDA Mortgage Lenders 2024 &#8211; USDA Loan Requirements"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<strong>What is a USDA\u00a0Mortgage Loan?<\/strong><\/p>\n<p>The department of agriculture developed a program that will help lenders to provide financing to low-moderate income borrowers so they can purchase a moderate and safe home in eligible rural areas.<\/p>\n<p><strong>A USDA loan will allow you to purchase a home in a rural area with no down payment requirement.\u00a0 USDA lenders offer the program with competitive rates in all 50 states.<\/strong>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<p>This is really one of the best programs that you can get. Here is why:<\/p>\n<p><strong>Benefits of a USDA Home Loan<\/strong><\/p>\n<ul>\n<li>Ability to obtain 100%\u00a0financing with NO\u00a0down payment. Credit scores below 640 may require a down payment<\/li>\n<li>You may finance the closing costs<\/li>\n<li>Relaxed credit requirements so those with poor credit scores can still qualify<\/li>\n<li>Term options &#8211; available in both 30yr and 15 year fixed loan programs<\/li>\n<li>Great rates &#8211; USDA home loans usually are lower or at least competitive with the best rates you can find<\/li>\n<li>Wide range of eligible properties since most of the US\u00a0is considerd to be rural.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<p><strong>Who is Eligible for a USDA Mortgage Loan?<\/strong><\/p>\n<p>In general, applicants must meet the criteria below and also must be willing and able to repay the loan.<\/p>\n<p><u>USDA Loan Requirements:<\/u><\/p>\n<ul>\n<li>Must be a citizen of the US\u00a0or be an eligible non-citizen<\/li>\n<li>Must be legally able to borrow (ie, must meet the age limits)<\/li>\n<li>Must occupy the home as your primary residence<\/li>\n<li>Must currently be without safe and sanitary housing now<\/li>\n<li>Must not have the current ability to obtain a conventional loan from other sources and lenders<\/li>\n<li>May not be barred from participating in any federal loan progams.<\/li>\n<li>Must meet the income limits set by the program<span style=\"color: #0000ff;\">\u00a0<\/span><a href=\"https:\/\/www.rd.usda.gov\/files\/RD-GRHLimitMap.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">CLICK\u00a0TO\u00a0SEE\u00a0WHETHER\u00a0YOUR\u00a0INCOME\u00a0LEVEL\u00a0QUALIFIES<\/span><\/a><\/li>\n<\/ul>\n<p><u>USDA Property Requirements:<\/u><\/p>\n<ul>\n<li>The homes must not be greater than 2,000 square feet<\/li>\n<li>The home may not be a business or a commercial property<\/li>\n<li>The home may not have a built-in or in-ground swimming pool<\/li>\n<li>The home cannot have a market value that exceeds the loan limit in your area.<\/li>\n<\/ul>\n<p>Read more about what could disqualify a home from a USDA loan.<\/p>\n<p><u>Which Areas a Eligible for a USDA loan?<\/u><\/p>\n<p>For the most part, areas that have a population of less than 35,000 people qualify. However, to be sure please check your property address using the link below.<\/p>\n<p><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/eligibility.sc.egov.usda.gov\/eligibility\/welcomeAction.do?pageAction=sfp\" target=\"_blank\" rel=\"noopener\">CLICK\u00a0TO\u00a0SEE\u00a0WHETHER\u00a0YOUR\u00a0PROPERTY\u00a0ADDRESS\u00a0QUALIFIES<\/a><\/span>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<strong>How Can The Funds Be Used?<\/strong><\/p>\n<p>In general, the funds can be used to buy, build or renovate a home in an eligible area. Funds can be used for the following purposes:<\/p>\n<ul>\n<li>Purchase of an existing or new property to bs used as your primary residence. You may also finance the closing costs so there is truly no out of pocket expenses.<\/li>\n<li>The rehabilitiation and costs to repair the purchase of your home.<\/li>\n<li>Refinancing an existing home if your current loan is eligible.<\/li>\n<li>Improvements to accomodate a disabled person who will live in the home (ie ramps, etc)<\/li>\n<li>Fees related to connecting your home to the utilities (water, electric, sewer, etc)<\/li>\n<li>Escrow accounts needed at closing for real estate taxes and\/or insurance<\/li>\n<li>To purchase the required home equipment such as appliances, furnaces, air conditioning, etc<\/li>\n<li>Energy efficient improvements<\/li>\n<li>Any additional site preparation such as fencing, landscaping, grading, trees\/shrubs, driveways, etc<\/li>\n<\/ul>\n<p>If you and your home meet the criteria above, we think that a USDA\u00a0loan would be a no brainer!<\/p>\n<p><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/dreamhomefinancing.com\/\/LeadForm\/\">CLICK\u00a0TO\u00a0BE\u00a0CONNECTED\u00a0TO\u00a0A\u00a0USDA LOAN\u00a0EXPERT\u00a0NOW<\/a><\/span><\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<p><strong>Frequently Asked Questions &#8211; USDA\u00a0Home Loans<\/strong><\/p>\n<p><strong>Q: What is the payback period?<\/strong><\/p>\n<p>A: Loans can vary from 15 years up to as much as 38 years for very low income applicants.<\/p>\n<p><strong>Q: Do I\u00a0have to be a first time homebuyer to qualify?<\/strong><\/p>\n<p>A: No, if you and your future home meet the program eligibility guidelines, then you may use this program to purchase the home regardless as to whether you are a first time home buyer.<\/p>\n<p><strong>Q: If I\u00a0filed for bankfruptcy, can I\u00a0get a USDA\u00a0loan?<\/strong><\/p>\n<p>A: Yes, one year after a chapter 13 bankruptcy and 3 years after a chapter 7 bankruptcy.<\/p>\n<p><strong>Q: Can I\u00a0finance a modular home?<\/strong><\/p>\n<p>A: Yes but there may be additional appraisals required.<\/p>\n<p><strong>Q: Is there a minimum credit score?<\/strong><\/p>\n<p>A: Typically, the minimum credit score is 640<\/p>\n<p><strong>Q: Are the USDA\u00a0rates higher or lower?<\/strong><\/p>\n<p>A: The USDA\u00a0rates are extremely competitive.\u00a0<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/dreamhomefinancing.com\/\/LeadForm\/\">CLICK\u00a0TO\u00a0CONNECT\u00a0WITH\u00a0A\u00a0USDA\u00a0LENDER<\/a><\/span>\u00a0to get a no obligation rate quote and to see if you qualify.<\/p>\n<p><strong>Q: Can I\u00a0finance the closing costs?<\/strong><\/p>\n<p>A: In many instances yes you can finance the USDA\u00a0closing costs.<\/p>\n<p><strong>Q: Does the home need to be in a rural area?<\/strong><\/p>\n<p>A: Yes, the home must be in an area that the USDA\u00a0considers to be rural.<\/p>\n<p><strong>Q: Are there income limits?\u00a0<\/strong><\/p>\n<p>A: Yes, your income may not exceed the maximum for the county that the home is in.<\/p>\n<p><strong>We are able to help you to find an USDA home loan with the best USDA lenders in the following states:<\/strong> Alabama, Alaska, <a href=\"https:\/\/dreamhomefinancing.com\/arizona-usda-home-loans.aspx\">Arizona<\/a>, Arkansas, <a href=\"https:\/\/dreamhomefinancing.com\/california-usda-home-loans.aspx\">California<\/a>, <a href=\"https:\/\/dreamhomefinancing.com\/colorado-usda-home-loans.aspx\">Colorado<\/a>, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, <a href=\"https:\/\/dreamhomefinancing.com\/nevada-usda-home-loans.aspx\">Nevada<\/a>, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, <a href=\"https:\/\/dreamhomefinancing.com\/texas-usda-home-loans.aspx\">Texas<\/a>, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]What is a USDA\u00a0Mortgage Loan? The department of agriculture developed a program that will help lenders to provide financing to low-moderate income borrowers so they can purchase a moderate and safe home in eligible rural areas. A USDA loan will allow you to purchase a home in a rural area with no down payment requirement.\u00a0&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"default","_kad_post_title":"default","_kad_post_layout":"default","_kad_post_sidebar_id":"","_kad_post_content_style":"default","_kad_post_vertical_padding":"default","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[126],"tags":[168],"acf":[],"_links":{"self":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1887"}],"collection":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/comments?post=1887"}],"version-history":[{"count":19,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1887\/revisions"}],"predecessor-version":[{"id":7018,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1887\/revisions\/7018"}],"wp:attachment":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/media?parent=1887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/categories?post=1887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/tags?post=1887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}