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Do You Pre-Qualify for USDA Loans in Pennsylvania?

Welcome to a discussion on USDA Loans Pennsylvania brought to you by churchfinancing.biz! As you are probably aware, right now you’re considered almost Pre-Qualified Candidates!

On our page here and we’re going to provide you with everything you need to know about USDA loans in Pennsylvania.

usda mortgage calculator

So USDA loans are a government program meant to promote homeownership in rural areas. Typically the costs are significantly lower.

You get into home ownership with USDA Loans.

Zero percent down, mortgage insurance is significantly less than your FHA loans and your interest rates too are typically lower than your traditional mortgage rates.

They’re available from any mortgage lender. So you don’t have to go through a special entity or even the government to get approved. There are USDA income limits on this type of loan.

So you need to make sure you qualify because they are meant for the medium earners. And the loans are geographically based.

Finding USDA Eligible Areas in PA

So the home that you’re purchasing must be in an eligible area but most suburban areas are.

And if you’re a home buyer, if you’re thinking about buying a home I encourage you to check this one out first before you jump right into conventional because you may be surprised.

For more on this topic, for more about USDA loans click the link here: USDA Loans.

So you’re a prospective Homebuyers in Pennsylvania? Well, USDA Loan Info in conjunction with churchfinancing.biz brought in one of our Qualified USDA Loan Agents.

Now, what are the pros and cons of a USDA loan?

Pro number one is that there is an option for no down payments.

Con number one is that there’s some geographical restrictions.

Because this program is meant to support purchasing a home in rural areas, there are geographical restrictions that could cause quite a long commute if you are working in the city.

usda loan calculator with closing costs

Pro number two, there’s some flexible credit guidelines. There’s the 640 minimum, and if you do have a few dings, you’re probably gonna still be okay.

Con number two is that there’s some income limits.

You do have to meet income limits that are based off of the median income in the area you’re living in.

Pro number three is that the interest rates are typically lower than your standard conventional loan.

Con number three is that you can’t get out of the mortgage insurance. While it is a little bit lower with the USDA loan, it’s still gonna add to your overall costs.

Thanks so much for reading our USDA Loan Pro’s and Con’s information packet. For more on USDA loans, for the pros and cons, check out our blog at churchfinanzing.biz.

Thanks so much for reading, we’ll see you in our blog posts section where we will be covering USDA Loan Income Limit Guidelines.

Pennsylvania Areas that Qualify for a USDA Loan

You just may be surprised at how many Pennsylvania areas qualify for a USDA Home Loan. Designed to stimulate growth in small or rural communities, areas that are eligible for a USDA Loan include:

Communities located outside of city limits
Communities with less than 20,000 people

Never assume that your area does not qualify for a USDA Loan. The experts here at churchfinancing.bizĀ  are here to help, fill out the Pre-Qualification Application, or call one of our certified USDA loan agents at (888) 464-8732.

mortgage loan payment calculator What's the process, when do you even start looking for a loan? Do you advise that people start before they even find a house or is this something where uh, once you kind of find the place you should go and get a long, kind of, pre-qualified? I always recommend that you start with the mortgage lender, before you start shopping and getting your heart set on something that may or may not be in your price range. I always usually recommend, if possible, stay with a local lender. That way there's no excuse of, "I didn't get the fax that you sent me. " You can actually go into the office. Just like Joel, he's right here in Greenwood. Bring the stack of papers to him and say, "You scan it, and you send it off. " But yeah, a mortgage lender is like the very first step. You can contact a realtor, I love it when people contact me first because I have preferred people that I've had experience with, working with lenders. Usually your realtor is going to have a list of lenders that they have worked transactions successfully with that they can provide you some guidance on. Yeah, and just to reiterate on that a little bit, there's nothing wrong with going and seeing Melissa and letting her know what you're looking for, so she can start kind of taking a look at the market and seeing what's going on, but you really want to come talk to a lender first because let's say you go and you find this house and it's $250,000 or $200,000 or whatever it may be and you love this house and it's everything you've ever wanted and you put in an offer and then you go talk to your lender afterward, there may be something that came up on your credit you weren't or your income didn't quite qualify you for that much. Then the next thing you know, all your hopes and dreams are gone, and you'll be upset. So get with your lender to make sure you're prepared before you go out and start you know, looking at houses. Well, even if you are going to be looking, maybe next year, or six months out, I would say go ahead and contact a lender because, like, Joel's great about looking at their credit and saying, "Hey, this is going to cause you some problems, these are some ways you can go ahead and, you know, step up that credit score by, you know, doing X, Y, and Z. " So it's always to go ahead, as early as you can and start working with your lender to get yourself ready. Yeah, it's never too to get in touch with me and let me know what you're looking for. So immediately? Mmhmm. Yep.

Freedom First Friday: USDA Loans in PA