• Darren Ferlisi
    Mortgage Loan Originator
    NMLS ID# 139611
    Office Phone: (240) 415-5015
    Cell Phone: (301) 448-0749
    Email: dferlisi@ihmcloans.com

  • USDA

    October 2, 2013
  • What is a USDA Loan?

     

    USDA Home Loans or RD (Rural Development Guaranteed Housing Loan Program) provides financing for low income rural residents and gives home-ownership opportunities to many families. Be that as it may, a USDA Loan can seem confusing.  At Integrity Home Mortgage we can help you understand how to qualify and similarly show you the benefits of this type of loan.

    Benefits to USDA/RD Loans:

    • NO MONEY DOWN – 100% Financing available
    • RD funding fee is rolled into the loan
    • There's no limit to seller paid closing costs
    • Property eligibility required (to see if property is eligible go to the United States Department of Agriculture website)
    • Monthly RD fee is .5%

    To Qualify:

    • Applicants may have an income of up to 115% of the median income for the area.
    • Families must be without adequate housing
    • Able to afford mortgage payments, including taxes and insurance.
    • Must have reasonable credit histories.
    • Property must be located within the USDA RD Home Loan "footprint."

    USDA Home Loans have Maximum Household Income Limits which vary by the County you purchase a home in.

    The Income Limits change yearly. The Maximum Household Income Limits are based upon everyone in the home who earns an income. This is true even if other wage earner's income won't be used to qualify for the USDA Loan. For instance, Social Security Income from an older relative living in the home would be considered when determining the maximum household income. Furthermore, even if that relative was not applying to be on the mortgage loan, the income would still be considered. Because USDA Underwriters allow deductions, oftentimes, those calculations will pull a family under the Maximum Household Income Limit.

     Program Highlights

    • 100% Financing Available
    • Flexible credit and qualifying guidelines
    • Competitive rates
    • Closing cost can come from other sources such as seller contribution and/or gift funds
    • Income limits do apply (ask your lender for limits in your county)
    • Minimum credit score is 620
    • Property must be Rural Development Eligible (ask your lender to verify property in your area)
    • One time 1% Guarantee Fee* may be financed into the loan amount
    • .35% Annual Guarantee Fee*

    Call today and get one step closer to owning a home of your very own.

    Note: Integrity Home Mortgage Corporation is not affiliated with or acting on behalf of or at the direction of the USDA/RD or the Federal government.