Samuel Evans

NMLS # 1945023


Samuel Evans Loan Officer

USDA Loans

UDSA Mortgage Loans are insured through the US Department of Agriculture. It is designed to help buyers qualify for homes in rural areas and cannot be used in large population areas. The USDA website can be used to verify eligibility of a property for the program. Generally speaking, if the property to be financed is outside of town in a rural area, it will be eligible.

Over the years, we have helped a lot of individuals and families purchase homes with the USDA program. With a good job/income and good credit scores, almost everyone can purchase a home under this program. The loan will finance 100% of the purchase price/appraised value, plus the USDA Funding Fee. The Closing costs can be paid by the Buyer, the Seller, or through Gift Funds.

Restrictions? Yes, it cannot be used for income generating properties like a farm. This is only for residential owner occupied properties. This program is a Conventional Program with a Government Guarantee. Debt to Income ratios are restricted to 29% housing ratio and 41% debt ratio. There are also income limits based upon the median income of the county that increase with the size of the family. This can also be check on the USDA website listed above.

This is a Great Mortgage Options for anyone living in a rural community.