Azle, Texas USDA loans | 100% Home Financing with a Azle,Texas USDA Loan
Azle, Texas buyers can now get 100% financing via a USDA loan
The rural housing loan program is a great $0 down option for home buyers looking to purchase a home in qualifying rural areas.
- 100% Financing Available- Small Monthly Mortgage Insurance (.30% of loan amount per year)- Interest Rates are still very competitive compared to Conventional and FHA
The two largest features of a USDA loan is the fact it is true long term fixed rate financing on a 100% loan.
FHA and Conventional loan programs have a higher mortgage insurance factor- which means your payment will be higher.
Below are some features for qualifying for a USDA 100% home loan:
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.
Income Requirements:The income limits on a USDA loan are based on number of working adults in the household regardless of whether or not they are on the loan.
There are also several 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
For the best service- make sure you ask your lender if they are a mortgage banker- and not a broker- or you will have delays in getting your loan approved. You can call Joy Bates, at 817-860-3232 or visit online at http://legacyfinancial.com or email her at joybates@leader1.com.
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