Texas USDA Mortgage Loan | 100% Home Financing with a Texas USDA Loan.
Texas Home Buyers USDA is a great mortgage for your home buying needs.
The rural housing loan program is a great $0 down option for home buyers looking to purchase a home in qualifying rural areas. Below are the qualifications:
- - 100% Financing Available- Small Monthly Mortgage Insurance (.30% of loan amount per year)- Interest Rates are still very competitive compared to Conventional and FHA.
- Some of the great benefits of a USDA loan are:No down payment (100 percent financing)30 year fixed interest rate.
- FHA and Conventional loan programs have a higher mortgage insurance factor- which means your payment will be higher.
Some of the “Differences” for qualifying for a USDA rural development loans are:
- Home must be in an eligible USDA area as defined by Congress.
- USDA gives you a great resource to see if a property or area you are interested in buying is an eligible area. Just put a property address in on this site to see: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011.
- If the property address is determined to be in an eligible area, you may use a USDA loan to purchase the home.
- There are a series of credits that are afforded for child care and dependents under 18 as you calculate the family’s “qualifying income”
The USDA site has this Income Calculator available for you to determine whether or not your family will qualify @http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011.
The key is to go to a lender with "in house" USDA loan programs.
You can call Joy Bates, NMLS # 243437 at 817-860-3232 or visit online at www.legacyfinancial.com or email her at Joylynn.Bates@myccmortgage.com.
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