Each county has a maximum income limit defined by the USDA. You must meet the income restrictions for the county the property is located in. Investment or vacation properties are not eligible for USDA loans.
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The property being purchased must be in a rural area as defined by the USDA.
USDA MORTGAGE CALCULATOR NJ PROFESSIONAL
Our experienced USDA financing professional will help you navigate through the USDA loan process and determine if you are eligible. Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. No down payment is required, which sets these loans apart from more traditional home loans. The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. Credit score is also considered in the application process. Applicants must be able to afford their mortgage payments, including insurance and applicable taxes. Applicants’ income may be up to 115% of the area’s median income. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area.
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We offer USDA Guaranteed Rural Housing Loans.
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They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans. USDA loans are designed to encourage rural land development and growth in rural areas. Let us educate you about USDA loans and help you take advantage of their many benefits. Department of Agriculture (USDA) loans were just for farmers – think again.