USDA Home Loan Utah
Coming up with a down payment in today’s economy can be difficult. In most cases the down payment is expected to be 3.5% to 20% of the purchase price, and in some markets where housing prices are high that can be nearly impossible for the average person to save. So are there ways to get around this? Can you buy a home even if you don’t have the down payment? There are a few ways to get into a home in spite of lacking the required down payment.
The USDA has some amazing merits which include: Financing up to 102% of the appraised value (not sales price), $0 Down Payment requirement, low-low monthly mortgage insurance, easy qualifying through lower credit score requirements, and more flexible property requirements than FHA or VA, and best of all with the USDA Rural Development Home Loan, if you have had a previous short sale, your waiting period to purchase another home is as short as one year even if you were delinquent at the time of closing.
Although there are income limitations, one of the highlighted features of this loan is that there are higher limits under this program than with other loan programs. This means that you can buy or build your dream home without as many restrictions. For more information, please visit the official USDA Website.
- Much Lower Rates than Most Banks or Credit Unions
- No Down Payment Required
- Country Living
- Lower Closing Costs
- Lower Monthly Mortgage Insurance
Flexible Credit Qualifying even if you’ve had any of the following
- A Credit Score as Low as 580
- Tax Liens
- Credit Counseling
- Short Sale
Step 1 – Pre-Qualification
- Short initial conversation to see if you qualify
- You’ll answer simple questions about Credit, Employment, and Rental History.
Step 2 – Get Estimated Timeline to Home Ownership
- Get an Estimated Timeline for Home ownership
- Honest Feedback on Credit & Qualifying
Step 3 – Start Looking for Your Dream Home
- After the receiving a pre-approval you’ll have the confidence knowing you are pre-approved for your dream home.
- Dedicated Loan Officer
The USDA Home Loan is offered only in certain areas of Utah. If you are curious if there is an area near you, please contact one of our knowledgeable loan officers