Post on 12-Apr-2017
USDA Income Limitsand Eligibility
USDA-LOANS.COM
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
The USDA also known as The United Stated Departmentof Agriculture offers a variety of different loans. Majorityof these are to help low to moderate-income buyers topurchase, repair or renovate a home. Some of the loansthey offer are: Single Family Direct Loan, Single FamilyGuaranteed Loan, Rural Repair and Rehabilitation Loan,and they also offer self-help loans and grants. In thisarticle you will find information on which loans are rightfor you and which loans you qualify for. Loan terms anddetails will differ with every loan all though they alloffer low interest rates, even as low as 1%. Some don’trequire any cash down either. To be able to qualify forthose you need to have decent credit history.
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
USDA Single Family Direct Loan
This USDA loan helps low-income families buy homes.These loans are usually a 30 year commitment forborrowers who have incomes above 60% the averagemedian income for their area. These loans are usuallylonger for those who have incomes lower than 60%and could be up to a 40 year commitment.
To be able to qualify, the household income must belower than 80% of the median income for your area,the household must be without adequate housing andbe able to afford the monthly payments, taxes, andinsurance.
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
USDA Single Family Guaranteed Loan
This particular USDA loan can help moderate incomeborrowers buy a home. To qualify for this loan yourincome cannot exceed more than 115% of the medianincome for the area, you must be able to make themonthly payments including taxes and insurance, yourcredit history should be free of any derogatory marks.These loans are usually a 30 year commitment and theinterest rate will vary depending on your lender.
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
Repair and RehabilitationLoans- USDA
These USDA loans and grants help low income familiesso they are able to repair or improve their homes. To beable to qualify for these types of loans, you mustreceive income below 50% the median of the area, beunable to get approved for credit elsewhere and youmust be a senior (62+ years old). These loans areoffered up to $20,000.00 for a 20 year commitment at1% interest, or $7,500.00 in grants or a combination ofthe two totaling $27,500.
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
Self-Help USDA Loans
These loans are for low income families who are unableto obtain clean, safe homes. These particular familiesusually are willing to do majority of the upkeep andlabor to build the home themselves. To qualify forthese loans, your total income must be below 80% ofthe median for the area. The commitment on thesetypes of loans are generally 35-40 year commitments.Depending on your income, however the term could beshorter. Another benefit to these loans are the lowinterest rates, at only 1%.
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
T O L E A R N M O R EUSDA-LOANS.COM
LENDER HOTLINE: 888-581-5008
C L I C K H E R E
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
Justin McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years.
INFORMATION PROVIDED BY: JUSTIN MCHOOD
MORTGAGE COMMENTATOR
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008
LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
FACEBOOK.COM/MORTGAGECOMMENTATOR
@MORTGAGECOM_
LENDER HOTLINE: 888-581-5008
USDA-LOANS.COM LENDER HOTLINE: 888-581-5008