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100% USDA Mortgage in Monroe County, Pennsylvania

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December 30, 2010 04:10 AM

Looking to buy a home in Monroe County, Pennsylvania?

You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage, also known as a Pennsylvania USDA Rural Development Loan.

Here's Why...

USDA home loans offer a few benefits that other mortgage programs cannot match, including no down payment and financed closing cost. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.

USDA is the only mortgage program that allows for all closing costs to be financed into the loan amount on a home purchase. Interest rates for USDA mortgages are comparable and often lower than the low fixed rates of Conventional, FHA and VA financing.

The USDA Mortgage program does have restrictions when it comes to location and income, so a quick check on this key qualifying criteria should be done first.

USDA Mortgage Monroe County Pennsylvania

Benefits of the USDA Mortgage Program

True 100% no money down financing.
The ability to finance in your closing costs (if the appraised value supports the loan amt)
The seller may contribute up to 6% of the purchase price towards your closing costs
Low fixed interest rates.
More flexible credit qualifying guidelines with minimum 620 credit score
Often available for properties in towns and suburbs too

What areas of Monroe County are eligible for USDA Financing?

Stroudsburg and East Stroudsburg are the only areas of Monroe County that are not eligible for USDA Financing. Shortly outside of Stroudsburg and East Stroudsburg, the rest of Monroe County becomes eligible for the USDA Rural Development program.

USDA Eligible Areas in Monroe County include...

Pocono Mountains

· Analomink
· Bartonsville
· Blakeslee
· Brodheadsville
· Buck Hill Falls
· Canadensis
· Chestnut Hill Township
· Cresco
· Delaware Water Gap
· Effort
· Eldred Township
· Gilbert
· Henryville
· Kresgeville
· Kunkletown
· Long Pond
· Marshalls Creek
· Middle Smithfield Township
· Minisink Hills (parts)
· Mountainhome
· Mount Pocono
· Pocono Lake
· Pocono Lake Preserve
· Pocono Manor
· Pocono Pines
· Pocono Summit
· Reeders
· Ross Township
· Saylorsburg
· Sciota
· Scotrun
· Shawnee on Delaware
· Skytop
· Swiftwater
· Tannersville
· Tobyhanna

As always, if you want to find out if a specific property is eligible for a USDA Mortgage in Monroe County, simply type in the address on the USDA Eligibility Map below....

USDA Mortgage Eligibilty Map

What arethe USDA Mortgage Income Limits for Monroe County?

Household Size: _______________1-4 Family Members ____5 or more Family Members

Maximum Adjusted Income $79,200 $104,550

If at first glance, it appears your household income exceeds the above limits, it is worth checking the USDA Income Calculator on the USDA website (link below). The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines.

USDA Income Eligibility Worksheet

Ok, the Property is in a USDA Eligible Area and your Household Income is within the USDA Income Limits, now what?

Like all mortgages, USDA Mortgages do require an applicant to qualify based on recent credit history. USDA credit requirements are some of the most flexible of any mortgage program available. More detailed information about USDA Mortgage Credit Requirements can be found with the link below...

USDA Credit Requirements

For buyers looking to purchase a home in Monroe County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.