WHAT ARE USDA LOANS?

USDA loans are zero down payment mortgages for people wanting to buy homes in rural areas.

If you prefer the calmness of the rural life, and to stay away from the humdrums of the city life, then you should consider applying for the USDA loan program. Surprisingly so, even though the program is very helpful for the eligible homebuyers, the program is not very well known.

Speaking of eligible homeowners, how do you know that you are one?

Are you eligible for USDA loans?

Being that this is a very affordable and cost-effective loan program, this loan would be the best way for you to get a rural home. All you need is to follow and quality for the guidelines put up by the USDA loan program.
The requirements to qualify for the USDA loan are the following:

Applicant must be a U.S. resident, non-citizen national or Qualified Alien.
The property to be financed in located in one of the USDA designated areas. To determine if the property fits this first guideline, consult counsellors from the Federal Home Loan Centers.
The property to be financed should be used as the buyer’s primary residence. The program does not allow financing on second homes or on investment properties.
First time and repeat buyers alike can avail the loan program. With connection to guideline two, the buyer must not own another house at the time of purchase.
The USDA loan can finance the total purchase price along with the upfront MI.
Applicants should have decent credit history even if USDA does not have a minimum credit score requirement. This is to ensure that the applicant can repay the loan conveniently.
The applicants’ income should not exceed 115% of the AMI (area median income).
W2 income or self-employment is approved by USDA. Applicant should be able to provide documents for income and employment.
Gift of closing costs is allowed by USDA.
Sellers and lenders are allowed to contribute towards the closing costs but not more than 6% of the total sales price.
Loan term is 30-year fixed rate.

How to find USDA loans Texas near me?

If you have been planning to move to Texas to enjoy the diversity of its landscapes, worry no more. When you are looking for USDA loans Texas near me, there is no need to go from lender to lender. A good lender can provide you with the necessary answers to the loan details that you are confused about. Simply search for USDA loans Texas near me online and you’ll be able to directly find a lender that can help you. Once you’ve talked to them and have your questions answered, simply fill their forms and follow through with their instructions. Your dream home and environment would now just be within arm’s reach.

How To Get A USDA Home Loan

USDA Home Loans are home acquirement options that offer require zero down payment. The program is only available to properties in rural areas that belong to one of the USDA designated areas. So, if you’re planning on experiencing the rural life, then a USDA Home Loan is your fastest and best option.

Firstly, what makes me quality for a USDA home loan?

Eligibility criteria for a USDA Home Loan

The USDA has set eligibility requirements for potential applicants. The requirements were put in place in order to make it more friendly towards the target demography, and to avoid potential exploitations. To avail for the USDA Home Loan, one must meet the following requirements.
The minimum qualifications for USDA Loans are:

S. citizenship or legal permanent residence (non-citizen national or qualified alien).
Creditworthy, and applicant must be able to prove he/she is such.
Must have a stable and dependable income.
Must have the willingness to repay the mortgage
Adjusted household income is less than or equal to 115% of the area median income.
The property to be financed is to be used for primary residence. NO financing would be given for second homes or investment properties.
In addition to the qualifications mentioned above, there are still USDA loan credit requirements to watch out for. To demonstrate the credit ability and willingness of the applicant to repay the loan, here are the items to be reviewed by your lender.

Credit score
Repayment patterns
Credit utilization
Length of credit history
You can still be eligible for the loan program even if you have no established credit. The lender would still require credit verification from other sources such as rent payments, utility payments and insurance payments. Lender policies usually vary on this matter.

Documents You’ll Need to Submit to Get a USDA Home Loan

You’ll need to submit the following (but not all as some items may not be applicable to you) documents to properly apply for the USDA Home Loan. To know the full list of documents you would need to submit, be sure to talk about it with your chosen lender.

Photocopy of a State issued photo ID card and social security card for each borrower and non-borrowing spouse.
Records of W2 forms from the past two years.
If retired:
Award letters for social security, pension/retirement income
1099 forms for the last two years for social security, pension/retirement
Provide divorce decree or child support agreement if paying for or receiving child support.
Paystubs for the recent and consecutive months for each borrower and non-borrowing spouse.
Most recent federal income tax returns for personal and business with all pages/schedules
Quote for homeowner’s insurance complete with agent contact information.
Where to find USDA Home Loans Austin near me

In the flourishing city of Austin, USDA home loans have helped a lot of people get their dream homes. Simply search for USDA loans Austin near me online and you’ll be able to directly find a lender that can help you. Once you’ve talked to them and have your questions answered, simply fill their forms and follow through with their instructions.

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