The area surrounding El Paso,Texas is great for mortgages to help with your home purchase needs as a result of USDA home Loans.
A down payment option of 0% exists to home buyers searching for home purchases in El Paso,Texas.
A lot of home buyers realize the significance of keeping their cash reserves for other purposes than home down payment.
Fortunately, a special USDA loan government program is available that can help with this.
An important part (for several reasons) for home buyers success is post closing reserves.
It is always a good idea for the owner of a home to have 6 months or more of reserves on hand in case of emergencies, so that items can be replaced like oven, disposal, stove, air conditioning/heating and hot water heaters.
Next, many home owners want to purchase new furniture or even new window treatments like blinds and draperies when they buy their new home.
Furthermore, it is our ideal goal to put together a home purchase where you don't have pay any money out of your pocket.
For more information about El Paso USDA mortgage loans, please look below:
- Interest Rates are still competitive compared to both FHA and Conventional Loans.
- 100% financing is available with small monthly mortgage insurance which consists of about .30% of loan amounts per year.
- 2 benefits to a USDA home loan are: 1. A down payment option of 0% with 100% financing, and 2. A fixed interest rate of at least 30 years.
- Very low MI (Mortgage Insurance) rate is available when compared to FHA and Conventional loans, giving you awesome savings.
Some of the requirements to qualify for a USDA home loan are:
- The home you purchase must be in a USDA eligible area as defined by Congress.
- Most of the State of Texas is eligible for USDA loans but not all of the state.
- In El Paso, most of the city and surrounding areas are eligible.
A quick way to see if you are in an eligible area is by visiting this website:http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011.
- You can use a USDA home loan to purchase your new home at any time if your property qualifies as being in an eligible area.
- If you are under the age of 18 you can use a number of credits that are afforded to child care and dependents that can be used to determine the family's "qualifying income." Some income restrictions are a result of this loan program.
- There is an Income Calculator available for you to use to determine whether or not your family qualifies on the USDA website here: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011.
- There is a formula based on number of people in the family, etc. and most families do qualify.
You want to contact an experienced and approved USDA mortgage lender to assist you and your family.
It is essential that you use an approved USDA lender for the best service, this is possible by using a mortgage banker (not a broker) so that no delays in getting your loan approved will happen.
Next, you want to make sure that you are dealing with a mortgage lender who is knowledgeable in all that a USDA loan has to offer, as the ultimate structure of your loan and your purchase contract can save you thousands of dollars at time of closing.
For example, a contract can be structured where the seller gives a buyer- seller contribution- which can cover other closing costs such as title policies, setting up your escrow account for future taxes and insurance- and to purchase your initial insurance policy.
Some provisions for possible purchases of new appliances exist, therefore it is essential that you go with an expert that can process, underwrite in house and close your 100% USDA loan in El Paso,Texas.
If you would like to know more about getting a USDA loan, then please contact Joy Bates, Senior Loan Officer, NMLS #243437 at 817-860-3232,http://elpasohomemortgageloan.com, or email her at firstname.lastname@example.org.