Owning a home is simple with the USDA Loan Program. If you think it is out-of-reach for you and your family, you might be thinking wrong! Jason Hands, an MLO for Bay to Bay Lending in Tampa, Florida explains the USDA program in this article.
The guarantee provided by the USDA helps low and moderate income families with little money for a down payment achieves home ownership.
To be eligible, applicants must:
1. Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and continuing for at least 24 months.
2. Be a U.S. citizen, currently reside in the United States, qualified alien, or be legally admitted to the United States for permanent residence;
3. Must meet Moderate income limits as determined by the USDA Home Loan Program with Credit History that shows responsible repayment of debt
Homes That Qualify:
· Modular new and existing homes
· A newly built or existing home
· Home must provide safe, decent, and sanitary housing and be modest in cost
· The home must meet the thermal standards of the Rural Housing and Community Development Service
· Existing homes must be in good repair and structurally sound
· There are no size or design restrictions on the home to be financed
· USDA home loans may not be used on property for income-producing purposes
· The home must not be located in flood or mudslide hazard areas
· Water and sewage system must meet the requirements of the State Department of Health
Highlights of the USDA Guaranteed Rural Housing Loan Program
o Loans may go up to 102% (With Guarantee fee included)
o No down payment is required
o Mortgages are 30-year fixed rate at market interest rates
o Sellers may contribute to the buyer's closing costs
o Home buyers make application with participating lenders
o Buyers must personally occupy the dwelling following the purchase
Contact Jason Hands via phone at (813) 489-5689 or reach out to him via email at jason@baytobaylending.com
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