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100% USDA Mortgage in Cambria County, Pennsylvania

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December 06, 2011 06:40 AM

Looking to buy a home in Cambria 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. USDA Mortgage 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 Cambria County are eligible for USDA Financing?

As expected, the only area of Cambria County that does not qualify for USDA financing is Johnstown and portions of the Johnstown metropolitan area. Shortly outside of Johnstown, the entire county becomes USDA eligible.

USDA Eligible Areas in Cambria County include...

Ashville
Barnesboro
Beaverdale
Blandburg
Carrolltown
Cassandra
Chest Springs
Colver
Conemaugh
Cresson
Daisytown
Dunlo
East Conemaugh
Ebensburg
Ehrenfeld
Franklin
Gallitzin
Hastings
Lilly
Loretto
Moxham
Mundys Corner
Nanty Glo
North Barnesboro
Northern Cambria
Oakland
Patton
Portage
Revloc
Riverside
Roxbury
Saint Michael
Salix
Sankertown
Scalp Level
Sidman
South Fork
Spangler
Spring Hill
Summerhill
Tunnelhill
Vinco
Vintondale
Wilmore
Woodvale

As always, if you want to find out if a specific property is eligible for a USDA Mortgage in Cambria County, simply type in the address on the USDA Eligibility Map below....

USDA Mortgage Eligibilty Map

What are the USDA Mortgage Income Limits for Cambria 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 Cambria County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.