For high-earning families, this wouldn’t be a big hassle, but for the low to medium-earning households, this move is just has too big of. That is why the United States Department of Agriculture introduced USDA Home Loans Washington and in Indiana. These loans have helped thousands of families and millions of individuals buy a home of their own – and that could include you.
If you’re interested applying for one, here’s what you need to know about this type of loan.
What are USDA Loans?
A program signed by President Franklin D. Roosevelt in April of 1935, establishing the USDA has paved the way for the USDA Home Loans Program to come to fruition. USDA loans are mortgages for people wanting to buy homes in rural areas with absolutely zero down payment required.
Rural areas in this loan’s definition is loose and can mean that huge parts of some states can be considered rural. So, if you’re planning to live in the basketball-loving state of Indiana or in “The Evergreen State” anytime soon, then a USDA loan is just right for you.
Are you eligible for USDA loans?
The USDA has given requirement and eligibility guidelines for everyone that wants to apply for it. The requirements for you to qualify are the following:
You must be a U.S. resident, non-citizen national or Qualified Alien.
The property financed by this loan must be located in one of the USDA designated areas (within area that is defined as rural by the USDA). Guidelines for more details are put up to determine if the property fits. If you want to know more about it, consult counsellors from the Federal Home Loan Centers.
The house bought using this loan must be used as a primary home. No second residences or vacation houses of any kind.
Decent credit history, to prove that you can repay the loan conveniently.
Your household’s income should not exceed 115% of the AMI (area median income).
If you’re self-employed, you’re still approvable by the USDA, given that you should be able to provide the necessary documents for proof.
How to do I find these loans?
Whether your plan is to take a USDA Home Loans Washington or a USDA Home Loans Indiana, the way to get one is just about the same. Simply search for USDA Home Loans Indiana or Washington online and you’ll be able to directly find a lender that can help you. Talk to them, asses their services, and simply follow through with their instructions on the whole process. When you do so, in a couple years’ time, you’ll be enjoying living in dream home and state.