Home > Blogs > Keith Landis > A Guide to the Pennsylvania Mortgage Market

100% USDA Mortgage in Clearfield County, Pennsylvania

By Keith Landis

Mortgage and Lending with Keystone Home Finance - NMLS#834342 - Conventional - FHA - VA -USDA - Jumbo Programs - Direct Phone 412-726-1654 NMLS# 137243

December 12, 2011 01:38 PM

Looking to buy a home in Clearfield 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 Clearfield 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 portions of Clearfield County are eligible for USDA Financing?

The USDA has zoned ALL of Clearfield County as eligible for their USDA Rural Development Mortgage Program.

USDA Eligible Areas in Clearfield County include...

Allport
Beccaria
Bigler
Brisbin
Burnside
Clearfield
Coalport
Curwensville
Drifting
Dubois
Du Bois
Frenchville
Ginter
Glen Hope
Glen Richey
Grampian
Grassflat
Hawk Run
Houtzdale
Hyde
Irvona
Karthaus
Kylertown
La Jose
Lanse
Lecontes Mills
Luthersburg
Madera
Mahaffey
Mc Gees Mills
Mineral Springs
Morann
Morrisdale
Munson
New Millport
Olanta
Osceola Mills
Penfield
Pottersdale
Ramey
Rockton
Shawville
Smithmill
Smokerun
Troutville
Wallaceton
West Decatur
Westover
Winburne
Woodland

What are the USDA Mortgage Income Limits for Clearfield 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 Clearfield County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.