Looking to buy a home in Perry County, Pennsylvania?
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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
- 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
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What areas of Perry County are eligible for USDA Financing?
ALL of Perry County is zoned as USDA eligible.
USDA Eligible Areas in Perry County include...
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Acker
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Alinda
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Andersonburg
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Bailey
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Blain
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Bixler
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Bridgeport
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Center Square
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Centerville
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Centre
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Cisna Run
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Couchtown
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Cove
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Crums Corners
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Dellville
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Donnally Mills
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Dromgold
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Duncannon
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Elliottsburg
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Erly
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Eshcol
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Falling Spring
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Fort Robertson
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Glenvale
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Gramere
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Half Falls
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Ickesburg
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Juniata Furnace
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Keystone
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Kinkora Heights
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Kistler
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Landisburg
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Little Germany
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Liverpool
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Losh Run
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Loysville
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Mannsville
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Markelsville
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Marysville
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McKee
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Mecks Corner
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Millerstown
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Milltown
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Montebello
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Montgomery Ferry
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Mount Patrick
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Mount Pleasant
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Nekoda
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New Bloomfield
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New Buffalo
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New Germantown
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Newport
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Oakgrove
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Old Ferry
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Perdix
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Pfoutz Valley
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Pine Grove
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Reward
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Rose Glen
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Roseburg
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Saville
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Seyoc
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Shermans Dale
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Stony Point
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Sundy Place
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Wahneta
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Walnut Grove
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Wardville
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Wila
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all areas
What are the USDA Mortgage Income Limits for Perry 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 Perry 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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Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania. He can be reached toll free at 877 334 6094 or on his cell at 412 726 1654 or by email at klandis@keystonehomefinance.com
NMLS # 137243
further information can also be found here....
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