USDA (also called Rural Housing) is a fabulous program! Here are a few details if you are considering this for your next home purchase.
Where can you buy a home: Borrowers must buy a home in the USDA “footprint”. Utah County – cities of Salem, Santaquin, Payson, Elk Ridge, Woodland Hills, Goshen, Eagle Mountain, Saratoga Springs. If you want to see if a specific address is eligible you can go to this website to check: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do;jsessionid=ptRAzDoLyhf36hnKhEvFJVMl
Utah County Income limits: Even if another household member will not be on the loan, their income must be calculated into these figures.
- 4 or less in household is $80,200
- 5 or more is $105,850
Want to know for another area? Check it out here: https://www.rd.usda.gov/files/RD-GRHLimitMap.pdf
Benefits:
- 100% financing
- Seller can pay closing costs
- We are very experienced with this loan program and have in-house USDA underwriting
- Mortgage insurance is much cheaper than FHA loans
- Current rates are 4.25% fixed, APR is approximately 4.795%
Want to see actual loan numbers? Click this link to check them out: https://mcedge.tv/1ca5l0
If you are viewing this email on a mobile device, you will need to download the Mortgage Coach App. This is a great tool that will help you see all the nitty-gritty details of these loan options. Let me know if you have ANY Questions or would like to talk about your specific situation!!
Bliss
