The home you are looking to purchase may be USDA eligible and you may not realize it

by Keith Landis on November 17, 2010

Some potential home buyers may not even consider applying for a USDA mortgage as they believe there is no way that their prospective home could possibly be considered rural.  If the home you are looking for is not located within a city, it is at least worth a look.  One look at the USDA eligibilty map shows that in many cases areas just outside of large metroplitan areas can qualify for USDA mortgages.

To find out if your area qualifies for USDA financing click here…

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Benefits of a USDA Rural Development loan include:

  • True 100% no money down financing.
  • The ability to finance in your closing costs (if the appraised value supports the loan amt)
  • The seller may contribute up to 6% of the purchase price towards your closing costs
  • Low interest rates.
  • More flexible qualifying guidelines with minimum 620 credit score

 

 

USDA mortgages do have income restrictions so click here to check on those…

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@12

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