If you are preparing to purchase a property in a rural area or if you are thinking about refinancing your existing mortgage on a rural property, USDA (United States Department of Agriculture) loans available through MortgageDepot may be the right solution for you. Finding the right loan program for your needs is imperative if you want to achieve your unique goals, but not all lenders offer loan programs that are ideal for rural properties. The USDA Rural Development Guaranteed Housing loan program is uniquely available to you through the U.S. Department of Agriculture, and you can learn more about this program through MortgageDepot.
Borrower Requirements for This Program
In order to qualify for USDA loans, the borrower will need to have a minimum FICO credit score of at least 550. He or she will also need to qualify with a debt-to-income ratio of 29/41. When you contact MortgageDepot to learn more about this innovative program, our representative will help you to determine if you meet all of the borrower qualifications for it. This is a no down payment loan program, so you can apply for a loan amount of up to 100 percent of the appraised value on the property, and you will not need to worry about verification of a down payment or cash reserves.
Property Requirements for a USDA Loan
Just as there are unique requirements in place for the borrower who applies for this program, there are also some requirements that the property must meet. This program is specifically available for properties in rural areas. Manufactured homes may be eligible, and you can learn more about the requirements and limitations regarding manufactured homes when you contact us. The loan funds can be used to purchase a property as well as for a rate and term or streamlined refinance. Keep in mind that the seller can pay for closing costs and pre-paid expenses under this program, but there are some restrictions that you can learn more about when you contact our office for information.
At MortgageDepot we are committed to helping you achieve your unique financing goals. This is just one of the many loan programs that we provide to our valued clients. If you are interested in learning more about this financing solution or others available through our office, contact us today for more information.