McAllen TX 100% USDA Loans Financing
USDA mortgage loans are available to home buyers looking to buy in the McAllen, Texas area.
A no down payment option program is available to home buyers in McAllen seeking to purchase a new home.
Home buyers can keep their cash reserves in their pocket instead of having to use it on a home down payment.
Thankfully, a special government loan program exists to help with home buyers.
Home buyers success is greatly influenced by the post closing cash reserves that are available.
It would be a great benefit to a home owner to have at least 6 months of reserves such as hot water heaters, air conditioning and heating units, a washer and dryer, among other appliances like a stove, oven and disposals on hand in case an emergency happens.
Later, home owners may want to make a purchase or purchases for new furniture or maybe even a draperies and new window treatments like blinds when buying their new home.
Our goal is to assure that you spend very little money out of your own pocket.
To find out more about McAllen TX 100% USDA Loans Financing and the surrounding areas, please read below: FHA and Conventional Loans are very competitive still when compared to today's interest rates.
100% USDA financing is available with small monthly mortgage insurance of just about .30% in loan amounts each year.
There are 2 benefits to a USDA loan, these are: 1. 100% financing with a no down payment option on your USDA loans is available to you and 2. A 30 year fixed interest rate on your USDA home loans in McAllen, Texas and surrounding areas.
Low MI (Mortgage Insurance rates are available with FHA and Conventional Loans so that you save your money!
In order for you to qualify for a USDA mortgage loan your home must be in a USDA eligible area that is defined by Congress.
Most of the State of Texas is eligible for a USDA loan program although not every city is. In McAllen, most of the surrounding areas do qualify for a 100% financing USDA loan.
You can determine if your home is in an eligible area by visiting: http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income%4011 and searching for your address.
If, after you have visited the USDA Loans eligibility website and it is determined that your home meets the proper requirements, than you use a USDA mortgage loan to purchase that home.
Calculate the qualify income of you family by using a series of credits that are awarded to child care and dependents under 18.
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.
It is absolutely essential that you hire a lender that can assist you and your family with this process.
Make sure that you choose a mortgage banker over a mortgage broker so that no delays in your USDA loan approval happen. Finally, choose an established mortgage lender that will help save you thousands of dollar on your USDA home loan at your closing.
Sellers can use a contract to assist them with their buyer or seller contribution, which ultimately covers closing costs that involve setting up escrow, title policies and accounts for future taxes and insurance. It also can be used for the seller to purchase their insurance policy.
You need to use an established lender who provides in house underwriting, processing and closing of your McAllen TX 100% USDA Loans Financing financing mortgage loan. Be aware of some provisions for purchasing of appliances.
To get more information on a USDA home loan, please contact Joy Bates, Senior Loan Officer of the Legacy Mortgage Team, call her at 817-860-3232, visit http://legacyfinancial.com, or email her at joybates@leader1.com.
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