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Get yourself a safe home through USDA Rural Housing Loan





If you are secretly wishing to own a house, then there is an easy way to get it granted. Do you know about USDA Rural Housing Loan? If not, then this is exactly what you need to know if you are a Rural resident and planning to buy a house. The Rural Housing Loan has been initiated so as to see a growth in the economy and standard of living in the rural areas.

What is USDA Rural Housing Loan?

It is a zero-down payment loan service introduced by the United States Department of Agriculture for eligible Rural and Suburban Homebuyers. It is a part of the USDA Rural Development Guaranteed Housing Loan Program. With the help of this initiative, you can own a house of your own. Every person whether he is low income resident or moderate-income resident is allowed to apply for USDA Rural Housing Loan provided there are certain conditions that he must qualify.

Eligibility Criteria for USDA Rural Housing Loan: -

• Credit History: A credit score of 640 or above is an ideal credit score to have for the loan. Even if the credit score is less than that, you are still eligible for the loan. What truly matters is your Credit History, the cycle at which you have repaid any previous debts or loan is what creates a credit history.

• Debt to Income Ratio: Your income must be stable enough to follow the current Debt to Income Ratio which is 29:41. It means that 29% of your income can be spent in paying interest, insurance, principal, taxes etc. While 41% of your income should be kept for paying your other bills.

• Loan Limits: There are no such limits as far as taking USDA loan is concerned, it depends entirely on your income. If your income is higher than you are going to have more money to afford large payment of loan and vice versa.

• Income Limits: Since the overall purpose of introducing a program like this is to help the low and moderate income earning people to afford a house. So, there is an income limit to ascertain who can apply for a loan and who cannot. It is currently valued as 115% of an area’s regional income, that is the income of your household should be below 115% of your area’s regional income.

• Employment History: The person applying for the loan and who would be liable for paying off the loan must have a stable employment of 2 years for you to qualify for USDA Rural Housing Loan.

Who are UDSA Lenders?

The individuals who have enough knowledge about the USDA Loans and are verified lenders with a U.S. citizenship are referred to as USDA Lenders. Every person who wants to apply for USDA loans must take help from a lender. A qualified lender will handle all the paperwork and approve your loan after checking all the eligibility criteria. It is important on the part of the Rural residents to find an approved lender to apply for the loan and get it pre-approved. Once you get the lender’s approval, you can then make an offer for the USDA to sign off. USDA Lenders do most of the jobs for you, the only task for you to do is find a property and then let the lender check whether it fulfils the requirements or not.


About Author Vikram kumar :

Building a house of your own is a very difficult task but with support and help from qualified https://www.usdahomeloans.com/ USDA Lenders and approval from loan programs like the https://www.usdahomeloans.com/usda-rural-development-loans/ USDA Rural Housing Loan can make it accessible and approachable for every other Rural Households.


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Article Added on Monday, November 19, 2018
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