USDA home loans with a 100% financing feature are awesome mortgages to assist you with your home buying in the Houston,Texas area.
A no down payment option that home buyers should take advantage of is available for those home buyers looking to buy homes in Houston,Texas and the areas around it.
Home buyers realize that they can keep their cash reserves and not use it for a down payment on a home.
The government has a special USDA loan program that will assist home buyers in the Houston,Texas area with this.
An important part to home buyer success is the post closing cash reserves they will maintain.
It is a great plan for a home owner to have 6 months or more of reserves saved up in case of emergencies, these reserves can be such things as hot water heaters, washer and dryer, air conditioning and heating units, disposal, oven, and stove.
Later, home owners may want to make a purchase or purchases for new furniture or maybe even a draperies and new window treatments like blinds when buying their new home.
Our goal is to assure that you spend very little money out of your own pocket.
To find out more about USDA mortgage loans in Houston and the surrounding areas, please read below: FHA and Conventional Loans are very competitive still when compared to today's interest rates.
100% USDA financing is available with small monthly mortgage insurance of just about .30% in loan amounts each year.
As a result, the 2 benefits to a USDA loan are: 1. A 0% down payment option with 100% financing on USDA loans in Houston and 2. A fixed interest rate for 30 years is available on USDA mortgage loans in the Houston,Texas area.
Low MI (Mortgage Insurance rates are available with FHA and Conventional Loans to you so that you save your hard earned money!
In order for you to qualify for a USDA mortgage loan your home must be in a USDA eligible area as defined by Congress.
Most likely, your home is qualified for a USDA loan as most of Texas is but some parts of the state are not qualified- generally on the outskirts of major metropolitan areas.
In Houston, most of the surrounding areas do qualify for a 100% financing USDA loan.
Visit::http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011 to find out if you are in a qualifying area.
A USDA loan can be used by home owners to purchase their new home whose property is determined to be in a USDA eligible area.
Numerous credits to determine your family's "qualifying income" are available to child care and dependents that are under 18, however income restrictions do apply.
To determine your family's qualifying income, use the Income Calculator on the USDA site: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011.
Use the formula that determines the number of people in your family that are eligible, most families will qualify.
It is absolutely essential that you work with a lender that can assist you and your family with this process.
Choose the lender that gives you the most value but make sure that you choose a mortgage banker and not a broker, otherwise you may have delays in getting your loan approved.
Next, you definitely want to use a mortgage lender that has expertise in USDA loans and what comes with it because the overall structure of your home buying contract can save you thousands of dollars at your closing.
Sellers can specify in your contract to assist you with seller contribution, which ultimately covers closing costs that involve setting up escrow, title policies and accounts for future taxes and insurance. It also can be used for the seller to purchase your insurance policy.
Provisions for possible purchase of new appliances do exist, so it is important to choose a lender that can process, underwrite and close in house your USDA 100% financing loan in Houston, Texas and surrounding areas.
If you would like more information on how to get a USDA loan, please contact Joy Bates, Senior Loan Officer of the Legacy Mortgage team, NMLS #243437 at 817-860 3232, http://houstonhomemortgageloan.com, or at jbates@legacyfinancial.com.
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