100% USDA financing in the Lubbock, TX area

Mortgage and Lending NMLS # 243437

100% financing on USDA mortgage loans are available for home purchasing in Lubbock,TX.


A 0% down payment option for home buyers looking to purchase a home in Lubbock,Texas is available.


Of significance to home buyers is the ability for them to keep their cash reserves rather than spend it on a down payment for a new home.


Home buyers are afforded with a unique USDA home loan government program that can assist them.


Home buyers success is greatly influenced by the post closing cash reserves that they keep in their own accounts.


Generally, home buyers want to have 6 months of reserves such as hot water heaters, heating and air conditioning units, oven, stove, disposal as well as other appliances like a washer and dryer on hand in case any emergency happens.


Afterwards, new window treatments like blinds and draperies could be purchased by new home buyers for their homes as well as new furniture that fits the house nicely.


We want to put together a purchase structure that allows you to pay little to no money out of your pocket.


Read below for information on USDA loans in Lubbock,Texas: The interest rates in today's market are surprisingly still competitive with FHA and Conventional Loans.


A .30% in loan amounts yearly exists with 100% financing on small monthly mortgage insurance.


Due to this, 2 benefits to a USDA home loan exist: 1. No down payment with a 100% financing USDA home loan is required and 2. A 30 year fixed interest rate on your USDA home loans is available in Lubbock,Texasand surrounding areas.


Very low MI, or Mortgage Insurance, rates when compared to FHA and Conventional loans, are available to you for incredible savings!


If you would like to know if you home does qualify, than it must be in a USDA eligible area that Congress defines.


Not all of the State of Texas qualifies for a USDA loan but most parts do.

Most of the area surrounding the city of Lubbock is eligible for a USDA loan.


You can determine if your home is in an eligible area by visiting: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011  and typing in your address in the search bar.


Home buyers can purchase a new home with USDA home loan upon approval that their property does qualify and meet the requirements.


Use a number of credits that are afforded to child care and dependents under the age of 18 to calculate your family's "qualifying income." Please be aware there are income restrictions.


http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011. This is the USDA loan site that is used to determine whether or not your family meets the income restrictions.


Most families qualify after doing the formula that is based on the number of people in your family.


Make sure that you use a fully approved USDA loan lender that is approved to help you and your family.


Make sure that you go with a mortgage banker over a mortgage broker so that no delays in your USDA loan approval happen.


To save thousands of dollars at your closing, choose a mortgage lender with all the knowledge that there is to know about USDA loans.  The ultimate goal is to save you money.


Seller contributions can be used by sellers who sign a contract that covers your closing costs and helps with setting up title policies, purchasing insurance policies, and setting up your escrow accounts for future taxes.


Some provisions for possible purchases of new appliances exist, so you must go  with a mortgage lender that can process, underwrite in house and close your 100% USDA loan in Lubbock,Texas and the surrounding areas.


To get more information on a USDA home loan, please contact Joy Bates, Senior Loan Officer of the Legacy Mortgage Team, NMLS #243437 at 817-860-3232, http://lubbockhomemortgageloan.com, or email her at jbates@legacyfinancial.com.

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437


Email Us 


1205 West Abram St. 

Arlington, TX 76013


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