If you are buying a home in Cecil Township, Pennsylvania you have one more additional mortgage program available to you than your neighbors in Upper St. Clair, Peters Township or Canonsburg. This additional program is known as the USDA Rural Development Loan, often referred to simply as a USDA Mortgage.
USDA Mortgages do not require any down payment. This 100% financing program does however have both geographic limits and limits on the total household income for the potential homebuyers.
USDA Geographic Limits Pennsylvania USDA Mortgages are mortgages that are guaranteed by the United States Department of Agriculture. The USDA sets geographic limits to their program. Only census designated … (2 comments)
pennsylvania usda mortgage: Annual Fee for USDA Mortgages set to increase October 1, 2014.
- 09/12/14 05:14 AM
Recently the USDA has annouced that there will be an increase to their Annual Fee. This marks the second increase in the three year history of this fee. Currently the annual fee stands at .40% of the mortgage balance. Effective October 1st 2014, the annual fee will increase to .50% of the mortgage balance.
What is the USDA Annual Fee?
The USDA Annual Fee is similar to mortgage insurance. This fee is collected from all borrowers to help the USDA remain financially solvent and to offset potential foreclosure losses.
Yes, you can. The USDA does allow home buyers to use the USDA Mortgage Program to purchase foreclosed properties but there are some issues that should be noted. The USDA will require that the property meet minimum property guidelines. This means that if any repairs are needed, the underwriter will require that these repairs be made prior to closing. When a needed repair pops up on seller owned properties they are often willing to make the repair in the interest of keeping the sale … (0 comments)
Last fall the USDA began including an annual fee with their mortgages. This fee is included with the monthly payment and is intended to help keep the USDA Mortgage Program financially solvent. USDA has now announced that there will be an increase in this annual fee for new loans that receive a Conditional Commitment on or after October 1, 2012.
Conditional Commitment? What’s that?
The USDA issues a Conditional Commitment when they are ready to Guarantee a USDA loan submitted to them by a USDA lender. … (1 comments)
pennsylvania usda mortgage: 100% USDA Mortgage in Centre County, Pennsylvania
- 12/12/11 01:31 PM
Looking to buy a home in Centre County, Pennsylvania? What areas of Centre County are eligible for USDA Financing? The immediate State College area is the only area of Centre County that is not eligible for the USDA Rural Development Mortgage program. Shortly outside of State College, the entire county become USDA eligible.
USDA Eligible Areas in Centre County include... Aaronsburg Baileyville Bellefonte Blanchard Boalsburg Central City Centre Hall Clarence Coburn Eagleville Howard Hublersburg Jacksonville Julian Krumrine Madisonburg Milesburg Millheim Mingoville Monument Moshannon Mount Eagle North Philipsburg Orviston Philipsburg Pine Glen Pine Grove Mills Pleasant Gap Port Matilda Ramblewood Rebersburg Sandy Ridge Snow Shoe … (0 comments)
pennsylvania usda mortgage: 100% USDA Mortgage in Northampton County, Pennsylvania
- 12/09/11 01:27 AM
Looking to buy a home in Northampton County, Pennsylvania? What portions of Northampton County are eligible for USDA Financing? As expected, the heavily populated region running from Bethlehem to Easton along the the Route 22 and Interstate 78 corridor is not eligible for USDA Financing. Just north of Route 22, the entire county of Northampton does become USDA Eligible. If you live north of the Bethlehem and Easton metro areas, you are most likely in a USDA Eligible Area. USDA Eligible Areas in Northampton County include... Ackermanville Alpha Bangor Bath Bayard Park Belfast Chapman Cherryville East Bangor East Hills Eastlawn … (1 comments)
What areas of Snyder County are eligible for USDA Financing? For some reason, the USDA has labeled the area on Route 11 running from Selinsgrove to Shamokin Dam as ineligible for USDA Financing, even though this area technically meets the typical USDA population density requirements. All areas in Snyder County outside of this small strip are USDA eligible. USDA Eligible Areas in Snyder County include... Beaver Springs Beavertown Freeburg Kratzerville Kreamer McClure Middleburg Mount Pleasant Mills Paxtonville Penns Creek Port Trevorton Troxelville Aline Bannerville Benfer Chapman Coon Hunter Crossgrove Dogtown Dundore Globe Mills … (0 comments)
What areas of Chester County are eligible for USDA Financing? As expected, the areas in Chester County that are restricted from this program can mainly be found in the eastern portions of the county closer to Philadelphia and portions of the Route 30 corridor through Coatesville. Large portions of Chester County, including Kennett Square and Oxford, are in a USDA eligible area. USDA Eligible Areas in Chester County include... Atglen Avondale Chester Springs Cochranville Elverson Honeybrook Hopewell Kemblesville Kelton Kennett Square Landenberg Lewisville Marlboro Mendenhall New London New London Township Nottingham Oxford Parkesburg Pocopson Pomeroy Sadsburyville Spring City Steelville Strickersville Toughkenamon … (0 comments)
pennsylvania usda mortgage: 100% USDA Mortgages in Carbon County, Pennsylvania
- 12/08/11 11:07 PM
Looking to buy a home in Carbon County, Pennsylvania? What portions of Carbon County are eligible for USDA Financing? Beaver Meadows, considered part of Hazleton's metro area, is the only town in Carbon County that is not eligible for USDA Mortgage. Practically all of Carbon County Pennsylvania is USDA Eligible, including the Jim Thorpe, Palmerton and Lehighton. USDA Eligible Areas in Carbon County include... Albrightsville Black Creek Junction Bloomingdale Bowmanstown East Side Faryville Hacklebernie Hauto Holiday Pocono Indian Mountain Lake Jim Thorpe Lansford Lehighton McAdoo Nesquehoning New Columbus PalmertonParryville Summit Hill Towamensing Trails Tresckow Weatherly Weissport any obvious rural locations If you want to … (0 comments)
What portions of Cumberland County are eligible for USDA Financing? The areas in Cumberland County that are restricted from this program can mainly be found in the area right across the Susquehanna River from Harrisburg and in the city of Carlisle. The majority of of Cumberland County is USDA eligible. USDA Eligible Areas in Cumberland County include... Shippensburg Boiling Springs Dillsburg Junction Mount Holly Springs New Kingstown Newburg Newville Plainfield Schlusser Upper Mill Washington Heights any obvious rural locations As always, if you want to find out if a specific property is eligible for … (0 comments)
What portions of Mercer County are eligible for USDA Financing? The only portion of Mercer County that is not USDA eligible is the immediate area around Sharon and Hermitage including Sharpsville, Wheatland and Farrell. Outside of this area, the entire county becomes USDA eligible USDA Eligible Areas in Mercer County include... Clark Fredonia Greenville Grove City Jackson Center Jamestown Lake Latonka Mercer Neshannock New Lebanon Reynolds Heights Sandy Lake Sheakleyville Stoneboro West Middlesex Amsterdam Bethel Big Bend Blacktown Bowie Broad Acres Carbon Carlton Carmona Centertown Charleston Clarks Mills Cool … (0 comments)
What portions of Adams County are eligible for USDA Financing? The only patch of Adams County that is not USDA eligible is the town of Midway that the USDA has included in the Hanover metro area in York County. Outside of Midway, the entire county is USDA eligible, including historic Gettysburg. USDA Eligible Areas in Adams County include... Gettysburg Abbottstown Arendtsville Aspers Bendersville Biglerville Bonneauville Carroll Valley Cashtown East Berlin Fairfield Floradale Gardners Hampton Heidlersburg Hunterstown Idaville Lake Heritage Lake Meade Littlestown McKnightstown McSherrystown New Oxford Orrtanna Table Rock York Springs any obvious rural … (0 comments)
What portions of Berks County are eligible for USDA Financing? The only areas of Berks County that are not eligible for USDA Mortgage financing are in Reading and the immediate Reading suburbs. Shortly outside of Reading, the entire county becomes USDA Eligible. USDA Eligible Areas in Berks County include... Adamstown Alleghenyville Alsace Manor Amity Gardens Bally Baumstown Bechtelsville Berkley Bernville Bethel Birdland Birdsboro Blandon Bowers Boyertown Centerport Colony Park Country Ridge Estates Dauberville Douglassville Dryville Edenburg Fleetwood Flying Hills Fox Chase Frystown Gibraltar Glenside Greenfields Grill Hamburg Hamburg Heights Hampden Heights Hereford Hyde Park Jacksonwald Kempton Kutztown … (3 comments)
What portions of Westmoreland County are eligible for USDA Financing? The areas in Westmoreland County that are restricted from this program can mainly be found in the portion of Murrysville that is south of Route 22 and then through the Route 130 corridor running from Trafford through Jeannette through Greensburg. Moving east, Westmoreland County becomes fully USDA Eligible soon after the southern part of Murrysville on Route 22 and east of Route 119 outside of Greensburg. The portion of Murrysville north of Route 22 is USDA eligible. Geographically, the majority of Westmoreland … (0 comments)
pennsylvania usda mortgage: 100% USDA Mortgages in Lancaster County, Pennsylvania
- 11/28/11 10:06 PM
Looking to purchase a home in Lancaster County, Pennsylvania? What portions of Lancaster County are eligible for USDA Financing? The areas in Lancaster County that are not eligible for USDA financing can mainly be found in the populated region following Route 30 from Columbia through Mountville and into the immediate Lancaster city limits. Shortly outside of this area, the majority of Lancaster County becomes USDA eligible. USDA Eligible Areas in Lancaster County include... Adamstown Akron Bainbridge Bird in Hand Blue Ball Bowmansville Brickerville Brownstown Christiana Churchtown Clay Conestoga Denver East Earl Elizabethtown Engleside Ephrata Falmouth Farmersville Fivepointville Florin Gap Georgetown Goodville Gordonville Hilltop Acres Hopeland Intercourse Kirkwood … (0 comments)
What portions of Bulter County are eligible for USDA Financing? The only areas of Butler County that are not eligible for USDA Mortgage financing are in Butler itself and Cranberry Township on the I-79 corridor. Shortly outside of Butler and Cranberry, the entire county becomes USDA Eligible. USDA Eligible Areas in Butler County include... Evans City Saxonburg Slippery Rock Zelienople Bruin Callery Cherry Valley Chicora Connoquenessing East Butler Eau Claire Evans City Fairview Harmony Harrisville Homeacre Karns City Lake Arthur Estates Lyndora Mars Nixon Northvue Petrolia Portersville Prospect Seven Fields Shanor Heights … (2 comments)
pennsylvania usda mortgage: 100% USDA Mortgage Financing in Bucks County, Pennsylvania
- 11/05/11 02:21 AM
Using a 100% USDA Rural Development Mortgage is a great way to finance the purchase of your next home in Bucks County, Pennsylvania. USDA home loans offer great benefits for those who qualify and the USDA home loan remains as one of the true no down payment programs out there. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing.
What portions of Bucks County are eligible for USDA Financing? … (4 comments)
pennsylvania usda mortgage: USDA Property Eligibilty
- 11/01/11 12:26 AM
USDA Mortgages, also known as Rural Development loans, are by definition meant for "rural" properties that will be a primary residence. All borrowers on a USDA mortgage application must also occupy the property.
USDA Property Eligibilty First and foremost the property must be located in USDA eligible area. The USDA Eligibilty map can be found here Residential properties only No working farms, no hobby farms, no former farms with standing farm buildings Planned Unit Developments (PUDs) are allowed Condos are ok if the condo complex is already approved for Conventional or FHA financing Manufactured Homes with permanent foundations are allowed … (0 comments)
pennsylvania usda mortgage: Credit Score Requirements for USDA Mortgages in Pennsylvania
- 10/27/11 12:34 AM
Credit guidelines for USDA Mortgages in Pennsylvania and the rest of the nation are more flexible compared to other types of mortgage financing. USDA Mortgages, also known as USDA Rural Development Loans, are easier to credit qualify for than Conventional financing and even easier to credit qualify for than other government programs like VA and FHA. The USDA as an agency does not have a minimum credit score but individual USDA lenders do set their own minimum credit scores. 620 seems to be the universal minimum USDA credit score at this time. With a 620 credit score a borrower can qualify for a USDA home loan provided they … (3 comments)
pennsylvania usda mortgage: Things to Remember When Calculating Income for USDA Mortgages in Pennsylvania
- 10/23/11 02:48 PM
USDA Mortgages in Pennsyvania, also know as Rural Development loans, have many benefits not seen in other types of mortgage financing. These benefits include... True 100% no money down financing. The ability to finance in your closing costs (if the appraised value supports the loan amount) The seller may contribute up to 6% of the purchase price towards your closing costs Low interest rates More flexible credit and qualifying guidelines with minimum 620 credit score USDA home loans do have income restrictions. If a household has too much income for this program, the USDA will not approve a mortgage … (2 comments)
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