Savannah Texas USDA Loans l USDA Loans in Savannah TX

Savannah Texas USDA Loans l USDA Loans in Savannah TX

Savannah, Texas buyers can now get 100% financing via a USDA loan 

 This 100% program is truly not just for rural housing- most of the geographic area surrounding Savannah, Texas qualifies. 

 - 100% Financing Available- Small Monthly Mortgage Insurance (.30% of loan amount per year)- Interest Rates are still very competitive compared to Conventional and FHA 

 The biggest benefit is no down payment to a USDA loan- true 100% financing- with long term, 30 year fixed rate loans. 

 Very low MI (which stands for Mortgage insurance) when compared to other loan programs. 

 Some of the “Differences” for qualifying for a USDA rural development loans are: 

 Home must be in an eligible USDA area as defined by Congress. 

 To see if a property or areas you are interested in qualifies geographically- just go to this website and put in the address:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property%4011 

 If the property address is determined to be in an eligible area, you may use a USDA loan to purchase the home. 

 There are income limits on USDA loans- and they are based on both the number of working adults in the home and number of family members. 

 There are a series of credits that are afforded for child care and dependents under 18 as you calculate the family’s “qualifying income”. Here is the USDA website to determine if you are eligible income wise- or simply call Joy Bates at 817-860-3232 and she will assist you:  http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011 

 Make sure you are not dealing with a mortgage broker- they do not control the entire process like a mortgage banker does. You can call Joy Bates, NMLS at 817-860-3232 or visit online at http://legacyfinancial.com or email her at jbates@leader1.com