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USDA LOANS

USDA loans are intended to help lower income borrowers achieve home-ownership in more rural areas through potentially huge savings over a conventional loan! 

 

Things to know:

- No down payment required (as long as you qualify otherwise).

- Due to lower rates and mortgage insurance fees, monthly payments are generally cheaper than on a conventional loan.

- 97% of US land is USDA eligible! Even though the intention is "rural land", often homes close to urban centers are eligible.

- There are household income limits. As of 2021, it is $140,650 for a family of 1-4 people, and $185,450 for families of 5+. Anyone that will be living in the home (even if not on mortgage) will be included in the income calculation.

- Single family homes only. Condos and modular homes are allowed. Some lenders will finance a new manufactured home to be placed on eligible land.

- Most lenders require a credit score of 640 or higher, but some do accept a lower score.

- Single close construction loans and renovation loans are offered by some lenders, reach out to me to find to out what is currently available.

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Check a specific property's eligibility here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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USDA Eligibility Zones - Everywhere except where shaded in yellow

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Aleksey Moody, Loan Officer #2091836 

Edge Home Finance Corporation, NMLS #891464. 1206 Pacific Ave #600, Tacoma, WA 98402

NMLS Consumer Access

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Edge Home Finance Corp, is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. 

Pre-approvals are based on underwriter review of credit and income documentation only. A pre-approval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and verify a complete loan application after you are preapproved in order to qualify.

This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.

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