What You Need to Know About USDA Loans

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    I’ve been frequently asked how to qualify for 100% financing or no money down. If you’ve been in the marketplace recently, you have probably noticed signs about this all over the place. Banks are offering 100% financing or no money down through a USDA loan guaranteed program.

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    There are four criteria you need to meet to qualify for this program:

    1. You need a credit score of 620 or better.
    2. Your family income needs to be within the guidelines of the program. For instance, for a family of four, the household income can’t exceed $75,600.
    3. The home needs to be located in a qualifying area. In general, that means it needs to be outside the city limits.
    4. The home has to be your primary residence.

    If you would like information about this USDA program, give me a call. I would be happy to refer you to a lender who is experienced with these loans.

    As always, if you have any real estate questions, give me a call or send me an email. I look forward to hearing from you!

     

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