When you are looking for your perfect home, a lot goes through your mind like where you want to live, school districts in the area, and a plentiful number of other questions but we are here to help you answer the one you might have forgotten about. Have you asked yourself what kind of loan do I need to apply for? In this case, we are talking about a United States Department of Agriculture loan (USDA Loan).
This USDA loan is perfect for anybody that doesn’t particularly enjoy the hustle and bustle of a big city. First and foremost, not every loan is the same and there are specific things you must qualify for in order to be approved for this loan. For starters, the applicant must meet the income eligibility in which the household income does not exceed 115% of the median household income. Secondly, the property must be the residence primary home and it must be in an edible rural area. Check out this website link to see if the property you are buying qualifies for this loan (https://www.betterlending.com/faq/). Lastly the qualify for this loan you must provide one year of employment history, if you are self-employed you will have to provide two years of employment history. This loan also comes with its fair share of advantages as well.
This biggest pro that many people find interesting is that down payment on the residence being purchased is not required. With that being said a down payment is never a bad idea. Another great offer on this program is that it is not limited to first-time home buyers, meaning if you have bought a home previously this loan could still be of interest to you. This loan also referred to as a “farm loan” is guaranteed by the United States government and provides mortgage insurance to lenders to protect against potential financial loss. We at Better lending see this loan as providing affordable housing to promote a blooming life in the rural communities. This is one of the many types of loans we offer at Better Lending. If this loan doesn’t seem to fit what you are looking for in a mortgage loan, we have many more options. Here we offer Conventional loans, federal housing administration loans (FHA loans), Veteran affair loans (VA loans), and lastly jumbo loans.
Next week our blog will be about the qualifications and advantages of a conventional loan. Check back every Wednesday to read our blog for all mortgage Lending needs.
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