How to qualify for usda home loan

How To Qualify For a USDA Loan

Drew Mortgage Associates

Introduction If you’re a first-time homebuyer, a USDA loan is the best home loan, which is backed by the United States Department of Agriculture (USDA). The USDA home loan comes with low mortgage rates, affordable payments, and flexible underwriting process. You can also choose 100% financing and no down payment is required.

In this presentation, we will take you through the important criteria that will help you qualify for a USDA loan.

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Eligibility for a USDA Loan ● You must meet the basic eligibility requirements set up by the U.S. Department of Agriculture (USDA) ● This includes: ○ Income ○ Credit ○ Property Usage ○ Home location

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Credit Requirements ● ● ● ●

Credit Score Credit History Credit Utilization Repayment Patterns

Note: If your credit score is low, you may be eligible for a USDA loan. However, you’ll require credit verification from alternate sources, such as insurance payments, rent payments, and utility payments.

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Income Requirements ● The USDA requires you to have a verifiable, stable income. ● Income that is not verified won’t be counted as repayment income.

Note: ● To qualify for income requirements, lenders look for two years of consistent employment and will request you for a verified two years income tax returns and recent paystubs.

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Location Requirements â—? The USDA Loan is created to help people of rural areas purchase a residential home. â—? Many urban and suburban areas qualify as rural areas.

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Property Requirements ● USDA loan is for eligible low to moderate income people who want to build, purchase, repair, or refinance a home. ● The home must be your primary residence. ● USDA loan cannot be used to purchase a property to produce income. ● If the property is no longer used for commercial purpose, then the property may still be eligible for purchase.

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Know more about How To Qualify For a USDA Home Loan Visit here:

https://www.drewmortgage.com/how-to-qualify-for-usda-loan/

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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/

Peabody Mortgage Lenders

Boston Mortgage Lenders

1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080

232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

Contact us: 1-877-949-3739

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