If you are buying a home in Cecil Township, Pennsylvania you have one more additional mortgage program available to you than your neighbors in Upper St. Clair, Peters Township or Canonsburg. This additional program is known as the USDA Rural Development Loan, often referred to simply as a USDA Mortgage.
USDA Mortgages do not require any down payment. This 100% financing program does however have both geographic limits and limits on the total household income for the potential homebuyers.
USDA Geographic Limits
Pennsylvania USDA Mortgages are mortgages that are guaranteed by the United States Department of Agriculture. The USDA sets geographic limits to their program. Only census designated "rural" areas are eligible for USDA financing. The good news is that Cecil Township happens to fall on the eligible side of the USDA boundary maps. The official USDA eligibility map can be found here... USDA Eligibility Map
USDA Household Income Limits
The USDA sets household income limits for the use of their program. These income limits are set at a County level and vary according to the size of the household. The USDA Mortgage income limits for Washington County, PA are as such...
1-4 Household Members: $75,450
5 or More Household Members: $99,600
The USDA does allow for some deductions that may get your total household income below their maximum threshold. The official USDA Income Limits and the Deduction Worksheet can be found here... USDA Income Eligibility
Some other highlights of the USDA Mortgage Program include...
- True No Money Down Financing
- Closing costs can be financed into the loan amount (based on appraised value)
- Seller assistance up to 6% of the sales price
- Low 30 year fixed interest rate
- More flexible credit guidelines with minumum 620 credit score
- Often available for properties in towns and suburbs
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