USDA LOAN

USDA LOAN

ARE YOU SET TO BUY A HOME?

MN has many opportunities for those that want to get away from the city and a USDA loan for a rural area is the perfect opportunity to do that!

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USDA LOAN

USDA mortgage loans are boosting development in rural areas and helping families with low or moderate income purchase homes.

The U.S. Department of Agriculture backs USDA loans. They are designed to promote rural living and development.

If you want to live in a rural area in MN, you may be able to qualify for a MN USDA mortgage loan.

What is a USDA Mortgage Loan?

In order to increase rural development, the USDA works with lenders to offer these guaranteed loans.

This guarantee allows lenders to offer USDA loans with excellent low rates and no money down. Low-income borrowers in rural areas are able to purchase homes because of USDA mortgage loans.

How do I qualify?

In order to be approved for a USDA Loan you and the property must both qualify.

The property must be located in a rural area. This means the area must have a population of less than 20,000.

In order to meet the income qualifications, you must make less than 15% above the average income for the area.

You must also be able to demonstrate that you have stable income and employment. A credit score of 640 will be required by most lenders, and your debt-to-income ratio should be below 41%.

ARE YOU SET TO BUY A HOME?

MN has many opportunities for those that want to get away from the city and a USDA loan for a rural area is the perfect opportunity to do that!

USDA LOAN

USDA mortgage loans are boosting development in rural areas and helping families with low or moderate income purchase homes.

The U.S. Department of Agriculture backs USDA loans. They are designed to promote rural living and development.

If you want to live in a rural area in MN, you may be able to qualify for a MN USDA mortgage loan.

What is a USDA Mortgage Loan?

In order to increase rural development, the USDA works with lenders to offer these guaranteed loans.

This guarantee allows lenders to offer USDA loans with excellent low rates and no money down. Low-income borrowers in rural areas are able to purchase homes because of USDA mortgage loans.

How do I qualify?

In order to be approved for a USDA Loan you and the property must both qualify.

The property must be located in a rural area. This means the area must have a population of less than 20,000.

In order to meet the income qualifications, you must make less than 15% above the average income for the area.

You must also be able to demonstrate that you have stable income and employment. A credit score of 640 will be required by most lenders, and your debt-to-income ratio should be below 41%.

Our Relentless Commitment Is To Provide You With

The Best Possible Services

Floor Plan Financing

USDA Mortgage Loans

and How They Work

  • Rural development loans are also known as Section 502 loans.

  • The government created USDA loans in the 1990s to make it easier for low-income families in rural areas to become homeowners.

  • If you want to live in a rural area, and you meet the income requirements, a USDA loan may be the best option for you.

  • USDA mortgage loans are characterized by Low rates and 100% financing.

  • There’s no prepayment penalty and no down payment required, but you will be locked into a fixed rate if you take out a USDA mortgage loan.

  • No ARM mortgages are available through the USDA.

  • If you take out a USDA mortgage loan, you will be required to purchase private mortgage insurance.

Floor Plan Financing

How to Qualify for a

USDA Mortgage Loan

  • To qualify for a USDA loan, you must be a United States citizen or permanent resident.

  • Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.

  • If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.

  • USDA loans are designed to help people with the greatest need.

  • Those without safe and sanitary housing are prime candidates for USDA mortgage loans.

  • While you won’t be able to purchase a home in the city with this loan, some suburbs are considered rural by the USDA. You may be able to get a Houston USDA mortgage loan to purchase a home just outside of the city.

Our Relentless Commitment Is To Provide You With

The Best Possible Services

Floor Plan Financing

USDA Mortgage Loans

and How They Work

  • Rural development loans are also known as Section 502 loans.

  • The government created USDA loans in the 1990s to make it easier for low-income families in rural areas to become homeowners.

  • If you want to live in a rural area, and you meet the income requirements, a USDA loan may be the best option for you.

  • USDA mortgage loans are characterized by Low rates and 100% financing.

  • There’s no prepayment penalty and no down payment required, but you will be locked into a fixed rate if you take out a USDA mortgage loan.

  • No ARM mortgages are available through the USDA.

  • If you take out a USDA mortgage loan, you will be required to purchase private mortgage insurance.

Floor Plan Financing

How to Qualify for a

USDA Mortgage Loan

  • To qualify for a USDA loan, you must be a United States citizen or permanent resident.

  • Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.

  • If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.

  • USDA loans are designed to help people with the greatest need.

  • Those without safe and sanitary housing are prime candidates for USDA mortgage loans.

  • While you won’t be able to purchase a home in the city with this loan, some suburbs are considered rural by the USDA. You may be able to get a Houston USDA mortgage loan to purchase a home just outside of the city.

USDA Mortgage Compared to Other Mortgages

USDA mortgages usually offer the lowest rates on the market. There’s no down payment required, making them an ideal option for those who lack savings.

However, rates on USDA loans will depend on your financial situation.

To get the best rate, you will need a high credit score coupled with a sizeable down payment. The more financially strong you appear to your lender, the lower your rate will be.

USDA Mortgage Compared to Other Mortgages

USDA mortgages usually offer the lowest rates on the market. There’s no down payment required, making them an ideal option for those who lack savings.

However, rates on USDA loans will depend on your financial situation.

To get the best rate, you will need a high credit score coupled with a sizeable down payment. The more financially strong you appear to your lender, the lower your rate will be.

Work With Us

Your journey is one-of-a-kind, and we're here to make it extraordinary.

Craig Morren

Loan Consultant & Renovation Expert

Work With Us

Your journey is one-of-a-kind, and we're here to make it extraordinary.

Craig Morren

Loan Consultant & Renovation Expert

Testimonials

WHY People TRUST and LOVE Us

Testimonials

WHY People TRUST and LOVE Us

Office:

Craig Morren, NMLS #457731

Edge Home Finance, NMLS #891464

5868 Baker Rd Minnetonka, MN 55345

Call: (615) 886-8159

Office:

Craig Morren, NMLS #457731

Edge Home Finance, NMLS #891464

5868 Baker Rd Minnetonka, MN 55345

Call: (615) 886-8159

Copyright 2024. All rights reserved.

Office:

Craig Morren, NMLS #457731

Edge Home Finance, NMLS #891464

5868 Baker Rd Minnetonka, MN 55345

Call: (615) 886-8159

Copyright 2024. All rights reserved.