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.
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.
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.biz are here to help, fill out the Pre-Qualification Application, or call one of our certified USDA loan agents at (888) 464-8732.The u. S. Department of agriculture has announced many farm service agency offices will temporarily reopen for three days to perform certain limited services for farmers and ranchers during the government shutdown. Beginning tomorrow -january17th, 2-thousand 500f-s-a employees -areto report to their offices. In addition. The fsa offices will be open friday january 18 and tuesday january 22nd. During business hours - staff will beon hand to assist agricultural producers with existing farm loans. And provide 10-99 tax documents to borrowers -by the internal revenue service deadline. Staff will also beable to help with specific services such as processing payments, continuing expiring financing statements and opening mail to identify priority items. In our region -service centers willbe open in: ekalaka, miles city, glendive, lewis town, sidney, glasgow and billings. You can view a full list of locations across montana turning now to day 20 of the partial government shutdown -- federal employees won't receive paychecks tomorrow. During this partial government shutdown -- one office that you cannot get a hold of either -- the u-s-d-a. As news channel 11's jordan moore found out today,. That's putting some home buyers--and sellers, in limbo. Josh sara a popular loan option when buying a home, especially in more rural areas. Is a u-s- d-a loan a loan that requires no money down, and real estate agent at keller williams, lincoln walters explained this 100 percent backed loan, is something they see a lot for first time home buyers and as of now there are people waiting to close on a home, not just here but around the country---that are now on hold. Because of the government shutdown "i know there's several that are on hold right now waiting to close, the ones that are in processes already are going to be delayed, and the ones that are wanting to go shopping with a usda loan, can't even really do it right now because they aren't accepting any new applicants. " walters said his concern is that if this government shutdown continues for a long period of time, the sellers waiting for a buyer with a u-s-d-a loan won't want to keep waiting, and will go with another buyer---who has a conventional loan so he said it's important right now to educate and remind both buyers and sellers that during this shutdown, those u-s-d-a home loans, are on hold. >>> it is freedom for spreading today we are getting details on usda loans. And as a more and mortgage loan representative at freedom first joins us to tell us more. Welcom >> thank you for having me. >> there are a lot of loans out there so let's talk about the usda loan. What is that? >> usda loan is a great option. It offers people 100 percent financing, meaning no down payment. The mortgage insurance within the monthly payment is very affordable compared to other loan programs. You do not need to be a first-time homebuyer to take advantage of that program. It is designed for property specific like only in rural areas. >> oh okayso that is good enough. People are buying in the city , not necessarily would use a sports book that is why you will want to give us a call and let us know what property you are interested in and they would see if that piece is in the usda eligible area. >> and why was this created ? To encourage people to live in more rural areas? >> homeownership designed for certain income areas like moderate to low income households. Two in one homeownership in the rural areas. >> let's talk more about the features of a usda loan. What can we expect?>> I touched on that a little bit as far as no down payment. And it is designed to help people obtain homeownershiso that no down payment, low mortgage insurance. Those are the best features for people that don't have a down payment to work with. >> and their are a lot of people taking advantage of the usda loans were now? >> there are. We get a lot of inquiries. The big part is making sure the property is in a usda eligible area so we can help with that. >> how do you know? >> you enter a property address into the usda website and it tells you if it is in a usda eligible area. Very easy today. >> so anybody could do it? So if i'm sitting at home and my computer, what do I have to do? >> I would look up usda property eligibility and it will take you to that webpage within the website and then you enter in a property address and hit enter and it tells you if it is in an and eligible area. >> that is nice. >> another piece of that to is -- kinda touching on the household income limits , most of the counties in our area do have household income limits of 78,000 200 meaning all adult income earners , their total income has to be within that range. >> in the house. So consider that. >> that can be a challenge sometimes. >> but that is nice you don't want to put down payment on a house or anything like that. So it can be a little confusing i'm sure. Do you encourage people to call you?>> yes. Call us at 540890224 and get in touch with one of our mortgage loan originators. And thenif the buyer doesn't fit into the usda program, we have many other options to look at. We will see what else works for them. >> so don't be discouraged. There are other loans out there and I am sure you can find somebody what they are looking for and get them in a home. that is what we are here for. >> was top of the permission for more information. It is freedom first. There you go.