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100% USDA Mortgage in Wyoming County, Pennsylvania

By Keith Landis

Mortgage and Lending with Keystone Home Finance - NMLS#834342 - Conventional - FHA - VA -USDA - Jumbo Programs - Direct Phone 412-726-1654 NMLS# 137243

May 26, 2010 09:09 AM

Looking to buy a home in Wyoming County, Pennsylvania?

You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage, also known as a Pennsylvania USDA Rural Development Loan.

Here's Why...

USDA home loans offer a few benefits that other mortgage programs cannot match, including no down payment and financed closing cost. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.

USDA is the only mortgage program that allows for all closing costs to be financed into the loan amount on a home purchase. Interest rates for USDA mortgages are comparable and often lower than the low fixed rates of Conventional, FHA and VA financing.

The USDA Mortgage program does have restrictions when it comes to location and income, so a quick check on this key qualifying criteria should be done first.

USDA Mortgage Wyoming County Pennsylvania

Benefits of the USDA Mortgage Program

True 100% no money down financing.
The ability to finance in your closing costs (if the appraised value supports the loan amt)
The seller may contribute up to 6% of the purchase price towards your closing costs
Low fixed interest rates.
More flexible credit qualifying guidelines with minimum 620 credit score
Often available for properties in towns and suburbs too

What areas of Wyoming County are eligible for USDA Financing?

The USDA has zoned ALL of Wyoming County as eligible for their USDA Rural Development Mortgage Program including Factoryville, Nicholson and the county seat of Tunkhannock.

USDA Eligible Areas in Wyoming County include...

Aldovin
Avery
Bardwell
Beaumont
Bellasylva
Bowman Creek
Brookside
Carpenter Hollow
Center Moreland
Cooper Corners
Dixon
East Lemon
Eatonville
Evans Falls
Falls
Factoryville
Forkston
Hettesheimer Corners
Hoban Heights
Jenks
Jenningsville
Kaiserville
Kasson Brook
Keelersburg
Laceyville
Lake Carey
Lake Winola
Lemon
Lockville
Lovelton
Marcy
Mehoopany
Meshoppen
Mill City
Myobeach
Nicholson
North Mehoopany
Noxen
Osterhout
Rocky Forest
Rosengrant
Ruggles
Scottsville
Scranton Corners
Skinners Eddy
South Eaton
Starkville
Stowell
Stull
Tunkhannock
Vernon
Vosburg
West Falls
West Nicholson
Wyoanna
all areas of Wyoming County

What are the USDA Mortgage Income Limits for Wyoming County?

Household Size: 1-4 Family Members 5 or more Family Members

Maximum Adjusted Income $74,050 $97,750

If at first glance, it appears your household income exceeds the above limits, it is worth checking the USDA Income Calculator on the USDA website (link below). The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines.

USDA Income Eligibility Worksheet

Ok, the Property is in a USDA Eligible Area and your Household Income is within the USDA Income Limits, now what?

Like all mortgages, USDA Mortgages do require an applicant to qualify based on recent credit history. USDA credit requirements are some of the most flexible of any mortgage program available. More detailed information about USDA Mortgage Credit Requirements can be found with the link below...

USDA Credit Requirements

For buyers looking to purchase a home in Wyoming County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.