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USDA Loans in Massachusetts

No Money Down Mortgages

In this current mortgage environment there is no doubt that terms like “no money down” and “low interest loans” should cause hesitation among potential homebuyers. Those programs simply don’t exist. However, there are no money down home loan programs that do exist, but they are run by the Federal government. One of these programs is the VA home loan program that is exclusively for military veterans, and the USDA rural home loan program. While the VA home loan program is only eligible to military personal, the USDA rural home loan program is available to everybody and is actually one of the most affordable and buyer friendly mortgages in the country. And some of the finest USDA eligible properties are currently located in the great state of Massachusetts.

What Are Massachusetts USDA Rural Home Loans?

USDA Loans in Massachusetts are 100% government insured home loans that are available for Massachusetts rural areas. However, a common misconception about USDA rural home loans is that they are only for farmers, or those who want to live in the middle of nowhere. This is simply not the case. While a lot of farmers do currently use USDA loans, USDA loans are also available in some areas that are not even rural at all. There are actually many great USDA eligible properties that are located in small Massachusetts suburban communities with less than 20,000 residents that are eligible. For more information on whether a town or county near you may be USDA eligible, please visit the USDA rural home loan home page, or contact a USDA loan representative.

USDA Home Loan Benefits

Besides being one of the only remaining home mortgage programs that do not require a down payment, there are a number of other benefits that USDA home loan program has to offer. There is no maximum price for USDA home loans and the amount financed is only based on the amount your able to pay. All USDA loans are guaranteed and backed by the United States Department of Agriculture (USDA) which typically results in lower interest rates for the borrower. Loans could be anywhere from 30-38 years, depending on your income and you can finance up to 102% of the appraised value of your home. USDA homes do not require PMI insurance and the seller can make unlimited concessions, including paying all closing costs

Massachusetts USDA Eligible Criteria

In order to be eligible for a USDA loan in Massachusetts, you must meet certain property and financial requirements. First of all, your property must be located in a predominantly rural area, or be located in a small community with less than 20,000 residents. Areas such as Worcester, Springfield, New Bedford, Lowell, Barnstable town are all eligible for USDA home loans, just to name a few.

Secondly, your overall annual household income must be below 115% of the average median income for that area. This is because USDA home loans are specifically intended for moderate to low income households, who might be struggling to afford a costly home loan. Income limits vary statewide and are anywhere between $84,150 in Providence Fall River to $112,000 in Nantucket County.

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