USDA Home Loans
Pauling Homes Team is not a financial institution, but we work closely with First Class Mortgage as a trusted partner and lender.
Requirements: USDA loans have income and property limitations. Income restrictions vary by county. To see if your income falls within the guidelines and if a property is eligible for USDA loan go to: welcomeaction.do
US Department of Agriculture loans are a great option if you are looking to purchase a rural property but do not qualify for a conventional mortgage. USDA loan amounts can be borrowed up to 100% loan-to-value, so they don't require a down payment which is a great option for first time homebuyers and families with lower incomes.
Benefits
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No Down Payment- USDA loan program allows homebuyers to achieve financing
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Borrowers are offered a low interest rate that does not vary based on their credit score or down payment, as it does with conventional financing
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USDA loan's private mortgage insurance rate is the lowest of loan program and doesn't changed based on your down payment
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No loan size limits
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USDA loans are available as 30-year fixed rate mortgages only
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USDA Streamline Refinance programs available
Qualifying Criteria
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Subject property must be a primary residence
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Must be at least two years from bankruptcy
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620+ credit score
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Must meet qualifying ratio of 29% for housing costs; and 41% for total debt (exemption can be made over 29/41 ratio)
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May not won another home within commuting distance of the subject property
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Property cannot be income producing and must be residential in nature, It can not have tilled land that is used for farming or grain bins that are used for sorting crops
