What do I need to qualify for USDA loan

The quick answer is that your household income must be within a certain range and the property you are purchasing must be in an eligible rural area. Use this link to look at more details of eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do . The benefit is that rates are lower than other programs and you there is no down payment required with no monthly mortgage insurance. There is an upfront mortgage insurance, but it is financed into the loan. If you have other questions or would like help or more information feel free to contact me at robhanson@emortgagegroup.com or by phone at 301-651-7822. If I am unable to answer please leave a voicemail and I will get back to you immediately. Thanks!

The USDA home home is one of the best 100% purchase loans out there. You must have a 620 middle credit score, be under the household income guideline limit, and meet other program qualifying guidelines. Give me a call and I can quickly determine if you are eligible to use the program, and if you do not meet the qualifying guidelines I will give you a plan to to help you get there. Call my cell 859-312-4311 or email me at kentuckyhomeloan@yahoo.com. Our website is www.thehomemortgagestore.com - Rusty in Lexington KY

USDA offers a no down payment loan with nominal mortgage insurance "premiums". The property must be located in a USDA designated "Rural" area and the interest rates are really decent. Borrowers must meet the minimum FICO standards, and there is both a minimum and a maximum income qualification. This means you must make enough to qualify, but if the household income is too great, you won't qualify. Start with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination, including USDA. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The biggest benefit to USDA is no money down.. that being said, there are better options.. USDA loans are only allow in USDA defined area's, so you cannot use this loan product on just any home.. as far as qualifying, it's just like any other type of mortgage.. the lender will look at your credit, credit scores, income, debt, debt ratios, derogatory items, etc.. if you want to know for sure If you qualify, you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

USDA loans are great. 100% financing, low mortgage insurance, great rates, and if your home appraises for more than the purchase price you can roll in some closing costs too. However, don't ever count on that happening.....The property needs to be in a designated USDA rural area. Your loan officer can look up the property to make sure. You should get in touch with a loan officer who has experience with USDA loans and go through the pre-approval process. They will be able to go over all of the options with you. Best wishes,