It is a little known fact that the USDA (US Department of Agriculture) insures financing for home purchases. The program is available in certain rural locations and have generous terms and features. This blog offers Bennington USDA mortgage advice.
Bennington USDA Mortgage Advice
Details on USDA Loans
- Local lenders are able to provide this type of loan.
- 100% financing is possible.
- Both purchases and refinances qualify.
- The mortgage is not just for farmers. It can apply to normal residential properties outside of major metropolitan areas.
- Single family and multi-unit homes may qualify.
- It is possible to roll in the cost of certain costs.
USDA compiles a list of counties and zip codes in which USDA financing can be used. Buyers might be surprised to see some areas on this list as most are not as remote as expected. To check eligibility for Bennington and and other locations, visit the USDA Home Loan website at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and select property type in the Property Eligibility menu on the left. You must type in a state and zip code to display a map of approved areas.
USDA and FHA loan qualification are almost the same. Buyers must have good credit scores, acceptable income, and the capability to make payments on the financed amount. Income requirements (found at http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11) differ by state, county and number of people in your household. USDA loans can take more time to process than other mortgages. Ask a USDA mortgage professional about applicable processing time and be sure to allow enough time prior to closing.
Resources to Help with the USDA Process
Find a reputable local bank that offers USDA loans. Your real estate agent should be able to refer a mortgage company. Get a pre-approval in advance and understand the requirements and alternatives prior to submitting a contract on properties. Contact Troy Richardson at 802-447-3210 or firstname.lastname@example.org for other Bennington USDA mortgage advice.