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USDA Loans in New York

New York USDA Loan Program

If you’re thinking about purchasing a home in the Empire State, but have little to no money in the bank, you may be able to take advantage of one of the fastest growing mortgage programs in the country, the USDA home loan program. While for most of us, when we hear the term USDA, we tend to think of prime choice beef and farm subsidies, and the like. However, many New Yorkers are completely unaware that the USDA also offers one of the finest home loan programs in the country. Currently, in the state of New York, a middle to low income family can get approved for a low interest home loan, with no down payment, and little to no money upfront. The New York USDA home loan program also has no maximum loan amount, flexible credit guidelines for qualifying residents, and requires absolutely no down payment.

What is the USDA Loan Program?

The USDA home loan program is a government run mortgage program that is aimed to help middle to low income families afford to purchase a home in a USDA eligible rural area. These rural home loans are 100% backed by the USDA and are designed to make home buying easier for middle to low income households, while simultaneously strengthening struggling rural communities, many of which who have been hit hardest by this recession. The USDA rural development home loan program in turn helps to strengthen rural economies all over the country, while helping millions of potential homeowners purchase homes that they otherwise couldn’t afford.

New York USDA Eligible Areas

To be eligible for a USDA home loan, the property must be located in a predominantly rural area or located in a small community with less than 20,000 residents. This means that while USDA rural home loans are predominantly used for purchasing homes in rural areas, there are actually many small suburban communities outside of Buffalo and Syracuse that are USDA eligible. Other counties with USDA eligible properties include Montgomery, St. Lawrence, Seneca, Sullivan, Yates, Rockland, and Westchester, just to name a few. For a complete list of USDA eligible counties and communities, please visit the USDA loans home page or contact a USDA home loan lender.

Eligibility Requirements

In order to qualify for USDA loans in New York, you must meet several income and financial requirements. One of these is a maximum income limit. In order to qualify for a USDA loan your total annual household income must not exceed 115% of the average median annual income for that area. This means that if your total yearly income exceeds the AVI for that area, you will not qualify for the USDA home loan program. Secondly, your total monthly debt payments, including rent, must not exceed a certain percentage of your monthly income. Lastly, you must have an above average credit rating of at least 640. While there is no set minimum credit score for the USDA loan program, lenders will generally not work with you if your credit score is below 580. You must also be a U.S. citizen in order to qualify.

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