Do you know all of the benefits offered by a USDA Rural Home Loan offers?
The USDA Rural Home Loan program allows financing for eligible areas with no down payment requirement. The program also allows the ability to finance closing costs up to the appraised value of the home, helping reduce out of pocket expenses.
FHA monthly PMI is over 3X higher when compared to USDA monthly premiums. Not to mention, FHA loans require a down payment.
A credit score of 640 + allows for automated approvals which gives flexibility for higher debt ratios and previous credit issues.
Manual underwriting exceptions when credit scores are down to 620, zero credit score or thin credit buyers. Keep in mind, not all lenders offer this option.
Home Repair Financing Option, this can be a great tool for foreclosures & short sales.
There are also benefits for homeowner’s who already have an existing USDA Rural Home Loan. There are Special Refinance programs which include both the USDA Pilot Program and Traditional Streamline Refinance.
Read more information on the USDA Rural Home Loan eligibility requirements.
Understanding the USDA Loan eligibility requirements can be challenging but my team is built to help home buyers become mortgage ready! If you are a realtor and have a client looking to purchase a home with USDA financing, help them prepare with The USDA Blueprint for Success!
Do you have a client experiencing financing difficulties on a USDA loan? Remember to take advantage of our free 2nd opinion service if you have not already done so. We are licensed in FL, TX, TN, & AL.
Just call or email to discuss your scenario and let us show you the “Metroplex” difference!
Email: SeanS@MPLX.org
Toll Free: (800)806-9836 Ext. 280
We are known for returning calls, replying to your emails, and responding to voice mails.
Your comments are welcomed and please let us know how we can help with your next USDA loan!
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