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USDA Home Loans in Oregon

USDA Home Loans

oregonIf you’re looking to purchase your first home, or are having problems getting approved for a traditional mortgage, you may want to consider the Oregon USDA loan program. The Oregon USDA home loan program is designed to help first time homeowners, as well as moderate to low income individuals, or families, who are struggling to get approved for a low interest mortgage. Because USDA home loans are backed by the United States Department of Agriculture, USDA mortgages are guaranteed for qualified applicants.

USDA Home Loans in Oregon

USDA Home Loans in Oregon are designed to help encourage rural development while improving the economic quality of life for its Oregon rural residents. While the Oregon USDA home loan program is designed specifically for rural communities, there are plenty of houses on the outskirts of major cities that are eligible. Eligible areas include basically anything outside or on the outskirts of Salem / Keizer, Albany / Corvallis, and Portland Metro.

Qualifications For an Oregon USDA Home Loan

To be eligible for the Oregon USDA home loan program you must first meet the following qualifications. First of all, your monthly housing costs must meet a specific percentage of your overall gross monthly income, typically at a 29% ratio. You must have enough steady and reliable income to be able to afford monthly mortgage payments, home insurance, plus any additional debt payments you may have currently. You can’t have any large unsettled debts, foreclosures or bankruptcies within the past 2 to 3 years. And lastly, you must have a reasonably good credit history with a minimum FICO score of 640 or higher.

USDA Home Loan Benefits

The Oregon USDA home loan program offers a number of benefits that you won’t find from a traditional or FHA mortgage. First off, Oregon USDA home loans is one of the only loan programs left in the country that requires absolutely no down payment. Secondly, Oregon USDA loans are some of the most credit friendly home loans in the country. USDA home loans require very low monthly PMI insurance and have low 30 year fixed interest rates. This ensures that your principal and interest payment will never increase.

For more information about a USDA eligible property near you please contact a USDA home loan specialist.

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