Looking to buy a home in Wayne 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.
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Benefits of the USDA Mortgage Program
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What areas of Wayne County are eligible for USDA Financing?
The USDA has zoned ALL of Wayne County as eligible for their USDA Rural Development Mortgage Program including Hawley, Waymart, Lake Ariel, Hamlin and the county seat of Honesdale.
USDA Eligible Areas in Wayne County include...
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Abrahamsville
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Aldenville
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Angels
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Arlington
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Atco
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Autumn Leaves
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Avoy
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Beach Lake
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Beech Grove
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Belmont Corner
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Bethany
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Bethel
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Bidwell Hill
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Boyds Mills
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Branningville
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Calkins
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Callapoose
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Carley Brook
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Cascade
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Cherry Ridge
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Clemo
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Coggins Corner
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Cold Spring
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Conklin Hill
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Creamton
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Damascus
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Darbytown
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Dillontown
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Dyberry
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East Berlin
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East Honesdale
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East Spruce
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East Sterling
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Equinunk
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Fairmount
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Fallsdale
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Fermoy
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Forest City Station
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Fortenia
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Galilee
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Girdland
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Gouldsboro
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Gravity
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Haags Mill
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Hamlin
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Hawley
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High Lake
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Hilltown
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Hoadleys
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Hollisterville
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Honesdale
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Indian Orchard
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Jericho
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Keen
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Lake Ariel
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Lake Como
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Lakeville
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Lakewood
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Laurella
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Little Chapel
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Maple Grove
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Maplewood
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Milanville
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Newfoundland
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Niagara
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Orson
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Pine Mill
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Pink
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Pleasant Mount
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Pocono Springs
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Poyntelle
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Preston Corner
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Preston Park
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Priceville
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Prompton
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Rileyville
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Rudes Corner
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Rutledgedale
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Scott Center
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Seelyville
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Shehawken
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Sherman
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Siko
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South Canaan
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Stalker
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Stanton Corner
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Starlight
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Starrucca
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Steene
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Sterling
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Stockport
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Tallmanville
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Tanners Falls
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The Hideout
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Torrey
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Tresslarville
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Tyler Hill
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Uswick
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Varden
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Wallenpaupack Lake Estates
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Wallenpaupack Mills
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Wangaum
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Waymart
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West Damascus
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West Hawley
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White Mills
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Whites Valley
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Winterdale
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Wrighter Corner
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all areas of Wayne County
What are the USDA Mortgage Income Limits for Wayne 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...
For buyers looking to purchase a home in Wayne County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.
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