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| Name | “5 USDA Rules That Will Blow Your Mind! 💥” |
| Video Uploader | Video From 4 The Resourceful |
| Upload Date | This Video Uploaded At 06-07-2024 00:01:44 |
| Video Discription | USDA Loan Requirements USDA loans are designed for low to moderate-income homebuyers in rural areas. Here’s what you need to know: 1. Eligibility Criteria • Location: Property must be in a USDA-designated rural area. Check the USDA Eligibility Map. • Income Limits: Household income must not exceed 115% of the median income for the area. Verify limits using the USDA Income Eligibility tool. • Credit Score: Minimum typically around 640, but varies by lender. • Citizenship: Applicants must be U.S. citizens or permanent residents. • Occupancy: The home must be the borrower’s primary residence. 2. Types of USDA Loans • Guaranteed Loans: Provided by private lenders, guaranteed by the USDA. Offers no down payment. • Direct Loans: Provided directly by the USDA for very low-income applicants. May offer payment assistance. 3. Property Requirements • Primary Residence: Must be used as the primary residence. • Standard Condition: Should meet USDA standards for safety and sanitation. • No Income-Producing Land: Cannot be used primarily for commercial purposes. 4. Financial Terms • No Down Payment: 100% financing available. • Competitive Interest Rates: Fixed rates, often lower than conventional loans. • Mortgage Insurance: Requires an upfront guarantee fee (about 1%) and an annual fee (about 0.35%) of the loan balance. 5. Application Process • Prequalification: Check if you meet basic criteria with a lender or the USDA. • Submit Application: Provide documentation for income, credit, and property. • Approval: Await approval, then proceed to closing. Applying for a USDA Loan • For Guaranteed Loans: Apply through an approved USDA lender. Search for lenders here. • For Direct Loans: Apply directly through the USDA. More information is available on the USDA Direct Loan Application page. USDA Loan Information: Visit the USDA Rural Development site for detailed guidelines and tools. US |
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