USDA Loan Purchase Option
If you’re interested in a USDA home, the next step is to find out whether the home your looking to purchase is currently in a USDA eligible area. USDA eligible areas vary from state to state and are determined based on several different factors. For an area to be USDA eligible it must be located in a rural area. The USDA defines a rural area as any area that is rural in nature and is not part of or associated with an urban area, or any town, village or city and has less than 10,000 residents. Other less rural areas outside of major population centers with a serious lack of mortgage credit may qualify with populations between 10,000-20,000 residents. Many of these areas may not even be rural in nature, but have populations of less than 20,000 and are not associated with any major town or cities.
Please check here to see if the property you wish to purchase is qualified for a USDA loan:
USDA Income Limits
Because USDA rural home loans are meant only for low to moderate income households, there are specific income limits in place in order qualify. To qualify for a USDA mortgage, your overall annual household income must not exceed 115% of the average median income for that particular area. Depending on where you’re choosing to purchase your home, income limits may be higher or lower depending on that particular area’s average median income.
For example, if you’re choosing to purchase a USDA eligible property in New Jersey the income limit is pretty much across the board set at $91,500. For a complete list of USDA eligible counties, as well as their income limits you can visit this link or contact one of our loan representatives here at 7th Level Mortgage.
Once the potential buyer has found a USDA eligible property, the property must meet certain USDA home loan requirements, in general these requirement are the same for all government insured loans. All properties must be modest in nature and meet all developed standards imposed by State and local governments.
In general, 7th Level Mortgage can help any borrower with credit scores of 620 or better qualify for a USDA mortgage loan in NJ, PA, De and FL. IF you have good credit with minor credit blips here and there we MAY Be able to get you qualified, all you need to do is contact one of our reps or complete the contact form below in order to find out.
USDA Loan Refinance Option