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USDA Home Loans In Washington State

USDA Rural Development

The United States Rural Development program, through USDA loans, is dedicated to improving the economic opportunity, and quality of life of rural America. Through these varying home loan and grant programs, the USDA is working hard to help meet the diverse needs of small rural communities all over Washington State. By providing adequate money for housing loans, business loans, utilities and community development, the USDA is committed to the future growth of Washington State rural communities.

USDA Home Loans in Washington State

If you’re looking to get a great deal on a new house, including 100% financing, low interest rates, and absolutely no money down, you may want to consider the Washington State USDA home loan program. USDA Home Loans in Washington State were designed to serve the mortgage needs of rural homeowners, as well as families and individuals who are having trouble qualifying for a mortgage in today’s tough housing market. However, while USDA home loans are primarily for rural residents, many areas in small towns or suburbs of large cities still may be eligible. As long as you live in a community or suburb with less than 25,000 residents, you may be able to qualify for a Washington State USDA home loan.

USDA Home Loan Benefits

The USDA home loan program offers its customers a unique set of benefits that you won’t find from a traditional mortgage. First off, the USDA home loan program is one of the only remaining mortgage programs in America that require absolutely no down payment. Therefore, even if you don’t have adequate savings, you can still move in to the home of your dreams, with little, to almost no money upfront. Also, the USDA loan program allows buyers to include the closing costs into the overall amount of the loan, which further reduces upfront costs needed to buy a home. USDA loans have no maximum purchase price, have flexible credit qualifications, and have much cheaper monthly mortgage insurance in comparison to FHA loans.

USDA Home Loan Eligibility Requirements

To be eligible for a Washington State USDA home loan you must meet the following criteria. You must be a current U.S. citizen, qualified alien, or be legally admitted to the United States for permanent residence. You must have adequate and dependable income and be able to prove that you can afford monthly mortgage payments, as well as pay any debt you may have previously incurred. You must have a reasonable credit history, usually with a minimum credit score of 640, that also indicates a reasonable willingness to meet debt obligations as they become due.

And lastly, your adjusted annual household income must not exceed the moderate income limits for that specified area. Because USDA loans are primarily designed to help moderate to low income families and individuals, if your annual household income is over 115% of the median annual income for that area, you may not be able to qualify. If your annual income is above 115% of the median income for your area, you may be eligible to make certain adjustments to your gross income, such as child care expenses, having a student in college, or taking care of an elderly family member, which may give you credits to lower your total income levels.

To find out your areas maximum income limit, and properties in USDA eligible areas, please call a USDA Loan Specialist.

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USDA Eligibility

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