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100% USDA Mortgage in Clinton County, Pennsylvania

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December 12, 2011 01:29 PM

Looking to buy a home in Clinton 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 Clinton 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 Clinton County are eligible for USDA Financing?

The USDA has zoned ALL of Clinton County as eligible for their USDA Rural Development Mortgage Program. Even the more populated areas of Clinton County, including Loch Haven, Mill Hall and Renovo, are included in this USDA eligible area.

USDA Eligible Areas in Clinton County include...

Avis
Bald Eagle
Beech Creek
Bitumen
Booneville
Caldwell
Castanea
Cedar Springs
Clintondale
Cooks Run
Crestmont
Drocton
Drury Run
Dunnstown
East Keating
East Renovo
Eastville
Farrandsville
Farwell
Flemington
Gleasonton
Greenburr
Hammersley Fork
Haneyville
Hyner
Keating
Lamar
Leidy
Lock Haven
Logan Mills
Loganton
Mackeyville
Mc Elhattan
Mill Hall
North Bend
Noyes
Parvin
Renovo
Rosecrans
Rote
Sagamore Hill
Salona
Shintown
South Renovo
Sunset Pines
Swissdale
Tylersville
Westport
West Renovo
Woolrich
Youngdale

What are the USDA Mortgage Income Limits for Clinton County?

Household Size: 1-4 Family Members 5 or more Family Members

Maximum Adjusted Income $74,050 $97,750

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 Clinton County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.