USDA Loans

USDA Loans are a tremendous benefit for those living in rural areas. We have 100 % financing available...no money down. These would be great for parts of Harrison and Ross, Ohio.

To find out if your property is eligible for this type of loan program, please click here==>> Is My Property Eligible?

How many times have you heard, " You need money down now to buy a home"? It is simply not true. With the USDA loan, all you need to do is buy a home in the areas that qualify. The link above will tell you in seconds if the property qualifies.

USDA also has income limits, these change all the time. Please click on the link above and find out if your income qualifies.

If you are a realtor, use this link to save time and money.

We are experienced with this loan. Please call us today for any details.

Benefits of Purchase & Refinance USDA Loans
-With 620 scores, desktop underwriter Level 1,2
-The USDA must approve the transaction, as the loans are guaranteed by the USDA Rural Development for purchase of rural properties in designated areas
-Conforming Rate Loans at a 30 year fixed rate
-No FHA inspections or other headaches
-No last minute credit bureau surprises
-USDA loans 100% for rural purchases (perfect for parts of Harrison and Ross, Ohio)
-Loan to Value of up to 102% is permitted when the 2% guarantee is financed
-Cash-out is NOT permitted
-Only owner occupied properties (single family units only) are permitted
-Pricing is based on FHA/VA rates

Income Requirements
-Income limits vary from county to county. These loans target low and moderate income households, where the family can afford the monthly payments, but do not have adequate funds available for down payment.
-Families must meet the income eligibility guidelines...USDA has transitioned to a two-tiered structure, one for 1-4 member households, and another for 5-8 member households.
-Closing costs may be financed into the loan amount up to 100% of the appraised value
-Low income borrowers (household income at or below 50% of the area median income) may also roll in discount points up to 2% of the loan amount provided that the loan to value is not more than 100% of the appraised value (102% if the guarantee fee is financed)

Property Types
-Property eligibility is based on USDA location guidelines, and dwellings must be modest in cost. Generally, the value of the site must not be greater than 30% of the total property value.
-If evidenced by the appraisal that the value of the site is typical for the area, and the site cannot be subdivided into two or more sites, the site value may be more than 30% of the total property value
-Condominiums must be acceptable to Fannie Mae, Freddie Mac, HUD, or VA
-PUDs (must conform to HUD/Fannie Mae Guidelines
-Manufactured Housing is NOT allowed
-The property must NOT be used for income-producing purposes

Again...To find out if your property is eligible for one of the USDA loan programs, please click here==>> Is My Property Eligible?

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