USDA Home Loans Now Available to Millions
NO DOWN PAYMENTS!
Do I Qualify for a USDA Home Loan
Eligibility varies based on area, your income, credit history, and the number of dependents claimed so it’s important that you call and speak with one of our experts to see if you qualify. Since the program is designed for moderate-income families there are household income maximum limits. Here’s an example of income limits for the number of people in a household:
1 – 4 people $75,650
5 – 8 people $99,850
These are good guidelines, however, they can allow for more or less depending on the county that the applicant is purchasing the home in. There are adjustments that can be made that will allow for more income qualification. It is important that the prospective applicant speaks with a qualified mortgage specialist to determine these income limitations.
USDA Home Loan Property Eligibility
Not all properties will qualify, but a great deal will. Depending upon where the property is located in the primary determining factor. Usually, outside of city limits, some Waco home loans won’t qualify, but areas like Robinson or China Springs are full of eligible property for USDA Financing. For a full map of eligible areas, click here.
Higher populated metropolitan areas are excluded from qualifying for rural housing. However, most areas outside city limits will be able to offer for USDA financing. Counties of Texas do qualify with some areas of ineligibility and it is important to remember that while this is a rural development program many of the areas that qualify are very close to city limits.
Property requirements have drastically changed from the past program. Appraisals are required by an FHA approved appraiser and the property must meet USDA home loan requirement. There are no longer the stringent requirements of inspections, minimum insulation requirements, storm windows, solar screens or other tedious property requirements that many times precluded a property from qualifying in days past.
If you’re interested in learning more about USDA home loans, check out this article from our blog, or give us a call at 254-405-6690 and one of our loan professionals can help you on the right track.
Waco home loan