Usda Program
Páginas: 7 (1600 palabras)
Publicado: 11 de febrero de 2013
The USDA Loan Program is restricted to certain geographic areas, and one of the questions I hear a lot is how can I tell what areas are eligible for the USDA Loan, where should I be looking to buy a home?
Let’s take a quick look at what the USDA defines as an eligible area.
The USDA says that to be eligible a property must be in a rural community. Generally, these are communities of less than10,000 people, but the USDA does make exceptions. Certain areas between 10,000 and 25,000 in population are considered rural based on their distance from urban areas.
So it comes down to population and how far away from an urban area you are.
So here is a list of Urban areas that are NOT eligible; Flagstaff, Bullhead City, Lake Havasu City, Prescott, Phoenix, Tucson, Yuma and Sierra Vista. Nowbe sure to keep in mind that their suburbs may be A-Okay.
Did you know that Arizona has 15 counties? And right now 7 of those counties don’t have any eligibility restrictions. That means that every single geographic part of that county qualifies for the USDA Loan.
On the USDA Rural Maps tab you can find a constantly updated list of USDA qualifying areas. Once there you will see specificareas that you can quickly look at and see the eligible areas.
I hope you found this Arizona Home Loan tip useful and would love to hear your comments.
To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab above and ask a question if you like. If you want to go ahead and get your application in, you can fill out my Arizona Home Loan ApplicationOnline here.
How To Find Out If Your Income Qualifies Under The USDA Loan Income Limits
Leave a comment »
Do You Make Too Much Money To Qualify For A USDA Loan In Arizona?
[pic]
While the USDA Loan does not have a maximum loan size they do have a maximum qualifying income limit.
People ask me all the time, what are the income limits for the USDA Loan. So let’s take a momentand define really quickly what an income limit is. The USDA defines income limit as the Adjusted Household Annual income, that’s it.
Did you catch that? There is an important point there that many people naturally overlook, it’s the Household Annual Income.
What that means is that the USDA Loan Program will look at the total income coming into the household over the entire year. If you have ason or daughter or parent, friend or spouse living in the household that will not be on the loan; their annual income will count against the limit.
What are the income limits based on for USDA Loans?
They are based on geographic region and number of people in the household. The different groupings are 1-4 people, 5-8 people and any number over 9.
The majority of Arizona has a USDA Loan Incomelimit of $74,050 for a 1-4 person household. For the 5-8 person household the income limit is generally $97,750. However certain areas allow up to $76,600 for the 1-4 person household and up to $101,100 for the 5-8 person household.
What Credit Score Does The USDA Loan Require?
Leave a comment »
The USDA Loan and Credit Scores..
[pic]People ask me all the time what credit score isneeded to get a USDA loan to buy a house in Arizona with absolutely Zero Down Payment. There are actually a pretty good variety of answers to this question.
Before we open the curtain on the USDA Loan and show you the credit score options, let’s take a look at what a credit score is.
There are three credit bureaus and each has a detailed history of an individual’s credit. They are Trans Union,Equifax and Experian. They each have their own super secret, mathematical model that they use to create and formulate a person’s credit score. It’s basically like your credit history goes into the big credit machine, and out comes a three digit number.
That number is a score that lenders will use to determine your level of risk. So a lower score means a higher risk and a higher score means a...
Let’s take a quick look at what the USDA defines as an eligible area.
The USDA says that to be eligible a property must be in a rural community. Generally, these are communities of less than10,000 people, but the USDA does make exceptions. Certain areas between 10,000 and 25,000 in population are considered rural based on their distance from urban areas.
So it comes down to population and how far away from an urban area you are.
So here is a list of Urban areas that are NOT eligible; Flagstaff, Bullhead City, Lake Havasu City, Prescott, Phoenix, Tucson, Yuma and Sierra Vista. Nowbe sure to keep in mind that their suburbs may be A-Okay.
Did you know that Arizona has 15 counties? And right now 7 of those counties don’t have any eligibility restrictions. That means that every single geographic part of that county qualifies for the USDA Loan.
On the USDA Rural Maps tab you can find a constantly updated list of USDA qualifying areas. Once there you will see specificareas that you can quickly look at and see the eligible areas.
I hope you found this Arizona Home Loan tip useful and would love to hear your comments.
To find out if you qualify for a USDA Loan call (520) 225-0380 or click on the Get Started on USDA tab above and ask a question if you like. If you want to go ahead and get your application in, you can fill out my Arizona Home Loan ApplicationOnline here.
How To Find Out If Your Income Qualifies Under The USDA Loan Income Limits
Leave a comment »
Do You Make Too Much Money To Qualify For A USDA Loan In Arizona?
[pic]
While the USDA Loan does not have a maximum loan size they do have a maximum qualifying income limit.
People ask me all the time, what are the income limits for the USDA Loan. So let’s take a momentand define really quickly what an income limit is. The USDA defines income limit as the Adjusted Household Annual income, that’s it.
Did you catch that? There is an important point there that many people naturally overlook, it’s the Household Annual Income.
What that means is that the USDA Loan Program will look at the total income coming into the household over the entire year. If you have ason or daughter or parent, friend or spouse living in the household that will not be on the loan; their annual income will count against the limit.
What are the income limits based on for USDA Loans?
They are based on geographic region and number of people in the household. The different groupings are 1-4 people, 5-8 people and any number over 9.
The majority of Arizona has a USDA Loan Incomelimit of $74,050 for a 1-4 person household. For the 5-8 person household the income limit is generally $97,750. However certain areas allow up to $76,600 for the 1-4 person household and up to $101,100 for the 5-8 person household.
What Credit Score Does The USDA Loan Require?
Leave a comment »
The USDA Loan and Credit Scores..
[pic]People ask me all the time what credit score isneeded to get a USDA loan to buy a house in Arizona with absolutely Zero Down Payment. There are actually a pretty good variety of answers to this question.
Before we open the curtain on the USDA Loan and show you the credit score options, let’s take a look at what a credit score is.
There are three credit bureaus and each has a detailed history of an individual’s credit. They are Trans Union,Equifax and Experian. They each have their own super secret, mathematical model that they use to create and formulate a person’s credit score. It’s basically like your credit history goes into the big credit machine, and out comes a three digit number.
That number is a score that lenders will use to determine your level of risk. So a lower score means a higher risk and a higher score means a...
Leer documento completo
Regístrate para leer el documento completo.