When applying for a USDA loan make sure you know the Requirements
By David Krichmar, DaveYourMortgageGuy.com
(www.DaveYourMortgageGuy.com - Legend Lending)
USDA loans are a fantastic loan option when buying a “rural home”. It allows a 0% down payment, which is a huge benefit. But it is important to keep in mind that USDA loans also have additional requirements to qualify for their mortgage vs conventional, FHA or VA loans. Here is the list of the major requirements to know when applying for a USDA mortgage: You can not own any other real estate There are income limits based on your family size and county. Here is the website to verify if your family makes too much money to qualify for a USDA loan: Income Limits For USDA loans The home must fall in a “Rural” area. Now what you and I think is rural may not be considered Rural by the USDA, so to be safe look up the home and make sure it falls in a USDA approved “Rural” area. Linkto ...
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