In 2009, the USDA (United States Department of Agriculture) enacted changes that made millions of borrowers eligible for their rural mortgage programs. Many home buyers dream of purchasing a home but don’t necessarily have the cash on hand to make the hefty 20 percent down payment required by a conventional home loan. Chris Lamm: Redding Mortgage Lender offers USDA loans to help Redding home buyers in this situation.
USDA mortgages stand alone as the only zero-money-down programs available to borrowers that have not served in the military. These loans are not limited to home purchases only—they can also be used for home repairs, improvements, or refinances. Eligible borrowers will be hard-pressed to find a loan program that offers more favorable terms.
Who Qualifies for a USDA Mortgage?
USDA loans used to be considered “farmers loans”, but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. Because of the USDA’s geographic designations, 97 percent of United States’ areas fall inside of eligible territory—and this includes homes in suburban and exurban areas.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a lender, such as Chris Lamm, that has experience dealing with USDA government financing and can help determine your eligibility.
Talk to Chris Lamm: Redding Mortgage Lender to see if you can get a USDA loan for your Redding home purchase or renovation. Your dream of owning a home may be within closer reach than you thought!