7 Facts About USDA Mortgage Loans
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Introduction The United States Department of Agriculture (USDA) Loan is a loan program specifically for home buyers with a lower than average credit score. First-time home buyers can benefit greatly from buying a home in the rural areas. However, there are various myths encircling the USDA loan program.
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Useful Facts About USDA Mortgage Loans 1. A USDA Loan Is Not Only for Rural Areas • Urban areas are also eligible for the loan program. • Check suburban areas for eligibility
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Useful Facts About USDA Mortgage Loans 2. No Down Payment • The government introduced a no down payment standard for the USDA loan program to encourage home buyers to buy properties in rural areas.
3. Income Limits • Incomes over a certain amount won't be eligible.
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Useful Facts About USDA Mortgage Loans 4. Cheaper and Affordable Mortgage Insurance • A USDA Loan charges a low percentage of the remaining loan amount to cover the insurance amount, making a USDA mortgage cheaper.
5. Not Restricted to First-Time Home Buyers • Anyone can apply for the USDA loan program who is eligible. • You cannot own another property until the first USDA mortgage loan has been paid off. • You can apply for the next loan once the first USDA mortgage loan is paid.
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Useful Facts About USDA Mortgage Loans 6. No Cap on the Loan Amount • No cap on the upper limit of the loan amount. • The income amount must fall below the threshold limit to remain eligible.
7. Accepts Lower Credit Scores • A loan program is a conducive option in case your credit score is low since the requirement is lower than traditional loan programs.
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Hiring a USDA approved lender will help you qualify for a loan and process all documents for you. Working with experts will help you understand the requirements of the home loan program that best suits your needs. Drew Mortgage Associates, one of the leading USDA mortgage lenders in Boston, MA, provides a wide range of services, including USDA loan consultations.
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Find More Details at https://www.drewmortgage.com/7-useful-facts-about-the-usda-rural-development-loan/
Contact Us: 1-877-949-3739 | www.drewmortgage.com
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DREW MORTGAGE BRANCH OFFICES: CORPORATE HEADQUARTERS 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960 (978) 750-1080
232 Commercial St Boston, MA 02109 (617) 523-3060
Contact Us: 1-877-949-3739 | www.drewmortgage.com
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Contact Us: 1-877-949-3739 | www.drewmortgage.com
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