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USDA Loans in New Jersey

New Jersey Rural Home Loan Program

If you live in New Jersey and are struggling to get financed for a home loan, you may want to check out the New Jersey USDA rural home loan program. USDA Loans in New Jersey have a lot to offer qualifying New Jersey residents including zero money down financing options with absolutely no mandatory down payment. USDA home loans are actually one of the few remaining mortgage programs in the country that do not require a costly down payment.

This rural home loan program also has less stringent credit requirements, comes with 100% financing with no maximum loan amount. USDA loans also come with no PMI insurance, low interest 30 year fixed terms, and the closing costs can be financed into the overall amount of the loan. This way, you can practically get approved and move into the New Jersey home of your dreams with little to no money upfront.

What Are USDA Rural Home Loans?

USDA rural home loans were created to help boost rural economies by helping to promote home ownership and entrepreneurship in struggling rural areas. While the USDA does not loan the money directly, instead they provide an all important guarantee to lenders, to ensure the bank will get their money one way or the other. This way, lenders are much more willing to do business with rural home loan seekers, where in the past they might have been more hesitant. This guarantee also brings down interest rates for rural home loans, making the USDA home loan program one of the most affordable and attractive home loan programs in the county.

New Jersey USDA Eligible Property

The only downside of the program is that USDA home loans are not eligible for all areas of the state. Big cities such as New Jersey and Trenton, as well as large suburban communities are not eligible. For a New Jersey property to be deemed USDA eligible it must be located within a predominantly rural area, or located outside the city limits in an area with a population of less than 20,000 residents. This means that there are actually many areas of the Garden State with small populations that are not even rural at all, but are USDA eligible. For more information on a USDA eligible property near you please visit the USDA loans homepage or contact a USDA loan representative.

Income Qualifying Information

Because USDA home loans are specifically designed for moderate to low income families, there are maximum income limits in place in order to qualify. These income limits can range from county to county and are based upon your total annual household income and the average median income for that area. If your income is above 115% of this maximum income limit, you will not be able to qualify.

Secondly, you must have an average credit rating of around 600 or better to qualify. While there are some exceptions to this rule, lenders will generally ask you to take some time and improve your credit if your overall score is below 580. You also can’t have any judgments or liens against you and you must be a U.S. citizen.

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