Owning a home is simple with the USDA Loan Program. If you think it is out-of-reach for you and your family, you might be thinking wrong! Jason Hands, an MLO for E Mortgage Management in Tampa, Florida explains the USDA program in this article.
The guarantee provided by the USDA helps low and moderate income families with little money for a down payment achieves home ownership.
To be eligible, applicants must:
1. Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and continuing for at least 24 months.
2. Be a U.S. citizen, currently reside in the United States, qualified alien, or be legally admitted to the United States for permanent residence;
3. Must meet Moderate income limits as determined by the USDA Home Loan Program with credit history that shows responsible repayment of debt
Homes That Qualify:
· Modular new and existing homes
· A newly built or existing home
· Home must provide safe, decent, and sanitary housing and be modest in cost
· The home must meet the thermal standards of the Rural Housing and Community Development Service
· Existing homes must be in good repair and structurally sound
· There are no size or design restrictions on the home to be financed
· USDA home loans may not be used on property for income-producing purposes
· The home must not be located in flood or mudslide hazard areas
· Water and sewage system must meet the requirements of the State Department of Health
Highlights of the USDA Guaranteed Rural Housing Loan Program
o Loans may go up to 102% (With Guarantee fee included)
o No down payment is required
o Mortgages are 30-year fixed rate at market interest rates
o Sellers may contribute to the buyer's closing costs
o Home buyers complete a Loan Application with participating lender - E Mortgage Management
o Buyers must personally occupy the dwelling following the purchase
Please click on my personal website for more information http://www.mortgagestampa.org or contact me @ 813-517-0799 for more information or to assist you in getting started on your home purchase.
Jason R Hands
E Mortgage Management
13053 W linebaugh Avenue, Suite 102
Tampa, FL 33626
813-385-1109 - Mobile
813-377-2905 - Fax
NMLS Originator ID: 214834 FL # LO562