I am a big fan of the USDA Guaranteed Rural Housing Loan.If you are not familiar with this loan, it is a program that requires neither a down payment nor mortgage insurance. These loans are backed by the USDA (US Department of Agriculture). This loan is currently one of only two government backed, 100% financed loans, with the other being VA.
There are two requirements in qualifying for the USDA Loan. One is income and the other is the location of the home.
Income is based on the number of household members. The most recent USDA Rural Housing Loan I closed was for a family of four in Sandy OR. The income limitation for this family of 4 in Sandy was $78,050 a year. This first time homebuyer was below that limitation.
The second limitation to qualify for this loan is the location of the home. What is the definition of Rural? Rural by the USDA’s definition is areas that have a community with fewer than 25,000 people. This would include Sandy, Newburg, Estacada and many parts of Clark County in Washington.
Finding out if you may qualify for this program is easy. There is a website which is useful for both determining your income limitations, and if the home you are interested falls into the geographic limits. This website is located at http://tinyurl.com/5mbwg8.
There are two requirements in qualifying for the USDA Loan. One is income and the other is the location of the home.
Income is based on the number of household members. The most recent USDA Rural Housing Loan I closed was for a family of four in Sandy OR. The income limitation for this family of 4 in Sandy was $78,050 a year. This first time homebuyer was below that limitation.
The second limitation to qualify for this loan is the location of the home. What is the definition of Rural? Rural by the USDA’s definition is areas that have a community with fewer than 25,000 people. This would include Sandy, Newburg, Estacada and many parts of Clark County in Washington.
Finding out if you may qualify for this program is easy. There is a website which is useful for both determining your income limitations, and if the home you are interested falls into the geographic limits. This website is located at http://tinyurl.com/5mbwg8.
Remember that credit and income limitations apply to qualify for this loan. I would be more than willing to discuss this with you in further detail. Please contact me at Bhusen@sunsetmortgageco.com or call my office direct at 503-594-1131.
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