USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732

How do You Pre-Qualify For a USDA Loan in Texas?

The USDA Guaranteed Home Loan Program in Texas is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan.

Many people who take advantage of this USDA Loan program in Texas are able to get into their homes with little to no money out of their pocket.

BUT, there are several USDA Home Loan eligibility requirements that you need to meet in order to take advantage of this home loan program.

The first USDA Loan requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible! You just need to have your existing home sold BEFORE we can close the loan for your new home in Texas.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA. Finding USDA Loan Texas isn’t as hard as it seems with a certified Mortgage and Loan Officer at your disposal.

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These income limits are based on market area and family size.

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

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In fact, there are many areas where entire counties and cities qualify for this program.

The property has to meet minimum property standards.

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

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That means mini farms, and properties with farm acreage are not eligible.

Do you want to find out if you qualify for a USDA Loan in Texas? We make it EASY! Just give us a call at USDA Loan Info (888) 464-8732.

We’re here to make your dreams of homeownership come true.

In 2019, What Do You Need for a USDA Loan in Texas?

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Hi, my name is Ryan Venz, and I'm a Home LoanExpert at our Charles City location at First Citizens.

Have you looked at purchasing a home, however,down payment funds are not available? Well, don't worry.

First Citizens Bank offers USDA GuaranteedHousing Loans to help borrowers in purchasing a home.

There are several benefits to using this loanoption as opposed to conventional loans.

The main benefit is that there is no downpayment requirement.

The loan can be made for up to 100% of theappraised value on existing homes.

The rate is fixed, and has a repayment periodof 30 years.

The program does have property and incomeeligibility requirements.

First Citizens Bank will be here along sideof you each step of the way to make sure the home buying process is simple.

Feel free to contact any home loan expertto discuss your options.


USDA Loan Agent Texas TX | USDA Loan Info | (888) 464-8732

What are the requirements for the USDA program in Texas? So that’s going to be looking at a 640 minimum credit score requirement.

There is a income requirement too when applying for a USDA Loan Texas.

So basically the income requirement is about 78,000 if you’re in a family of 1 to 4 if you’re in a family of 5+ that’s gonna go up to about $103,000 on the income limit.

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The big requirement for USDA is that it’s property specific.

It’s got to be in a USDA Approved Zone. How much down payment does this program require?

It’s actually 0% down payment which is Great!

Ok Awesome, and how much does the average home buyer come in with out-of-pocket?

So because your down payment for a USDA Loan in Texas is covered you’re just gonna have to come in with again your prepaid and closing cost So if it was a $300,000 purchase.

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you’d be looking at about $7,500 cash for keys to get in the home.

What type of home buyer is the USDA Loan program Ideal for? So this is going to be ideal for the home buyer that’s looking for a property in those specific areas.

Ideally it’s properties that are going to be USDA Eligible rural zones.

So not right in the middle of the city, but maybe if it’s more on the outskirts, on a little bit of land, lower tax rate areas that’s probably going to be a property that’s eligible and that would be ideal because that one would probably qualify OK, Fantastic.

What is a USDA Home Loan?

I bet you’re wondering, what is a USDA home loan?

Designed with the residents of more rural areas in mind, the United States Department of Agriculture designed its loan program to enrich rural communities by providing affordable home loan options to low-income households that may not be able to secure home financing through other means.

Who has time to stop and smell the roses? You don’t, and this isn’t even a rose.

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What are the requirements for the USDA program?

So USDA has a few interesting requirements First of all, you’ll need to have at least a 580 credit score Some lenders require a 620 credit score.

Your household income has to be under the county maximum Like a lot of down payment assistance programs. This is based on family size So 1 to 4 is one category and then 5 and above is a higher threshold for qualifying

What’s unique about this one is the home has to be within a designated area.

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So, Typically what that means is.

NOT within a metropolitan area So within our area here (Riverside county) Our local cities around her don’t qualify But we only need to go 10 miles away to where there’s an open area where there’s Several homes that qualify.

USDA stands for United States Dept of Agriculture But it’s NOT a farm loan.

Specifically, they don’t finance this program for farms in Texas.

It has to be a Single Family home in the Texas area, without a barn structure on the property.

Then it also has some home price limitations.

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The Threshold is a little bit lower than say an FHA loan for the loan limits.

Ok, and how does this program differ from other Down payment programs?

So it’s different because it’s not really a down payment program but it allows financing up to a 100% of the purchase price And it’s interesting because you can actually use this program with 1 or 2 of the other programs.

If you need closing cost assistance But, what’s unique it’s a 100% Financing so you don’t need a 2nd or a 3rd lien on the property.

Your interest rates are typically lower than if you combine it with a down payment assistance programs and you don’t have to repay any down payment assistance.

It has a monthly factor It’s like mortgage insurance upfront It’s financed at a monthly component.

Much less than FHA So if you can qualify for this program It’s better than FHA And As I mentioned, rates and payments Are typically lower on this program So USDA is really a great program.

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Great!

And on average How much does the home buyer have to come in with out-of-pocket?

So Again, we are financing the whole loan Purchase price up to 100% So the only thing remaining is then the closing costs Typically, plan on around 3% of the purchase price for funds to close.

The question there then becomes, Well, Where does that come from? Typically, we ask the seller to cover those costs And if we can get the seller to cover 3% Then, the buyer may only need to come in with an earnest money deposit.

And they may even get most or all of that back.

If the seller is covering all the fees.

One unique feature about USDA Versus all other loans is that if the home appraises for more than the purchase price.

We can finance the closing costs up to that appraised amount So, no other loan I know that we can actually finance the closing costs.

What type of home buyer is this program ideal for?

So certainly those that don’t have access to money for a down payment Anyone that wants to live that doesn’t have to live within a metropolitan area because, again, the house has to be in an area that is not in a high densely populated area.

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It’s also suited well for people who have some credit issues and anybody that qualifies for this program would definitely be better served than going FHA so those type of people.

And besides the Area restrictions are their any other property restrictions? So property restrictions are going to be similar to FHA They’ll do manufactured homes.

They’ll do homes with Casitas So no real other restrictions.

Just if it conforms to the FHA guides then it should qualify for USDA There’s a couple little quirky things that you don’t run into very often like you can’t actually have a barn on the property It definitely can’t be for agricultural purposes It has to be for residential purposes.

USDA Loan Texas – Do You Pre-Qualify?

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TURNING NOW TO DAY 20 OF THE PARTIAL GOVERNMENT SHUTDOWN -- FEDERAL EMPLOYEES WON'T RECEIVE PAYCHECKS TOMORROW.

DURING THIS PARTIAL GOVERNMENT SHUTDOWN -- ONE OFFICE THAT YOU CANNOT GET A HOLD OF EITHER -- THE U-S-D-A.

AS NEWS CHANNEL 11'S JORDAN MOORE FOUND OUT TODAY,.

THAT'S PUTTING SOME HOME BUYERS--AND SELLERS, IN LIMBO.

JOSH SARA A POPULAR LOAN OPTION WHEN BUYING A HOME, ESPECIALLY IN MORE RURAL AREAS.

IS A U-S- D-A LOAN A LOAN THAT REQUIRES NO MONEY DOWN, AND REAL ESTATE AGENT AT KELLER WILLIAMS, LINCOLN WALTERS EXPLAINED THIS 100 PERCENT BACKED LOAN, IS SOMETHING THEY SEE A LOT FOR FIRST TIME HOME BUYERS AND AS OF NOW THERE ARE PEOPLE WAITING TO CLOSE ON A HOME, NOT JUST HERE BUT AROUND THE COUNTRY---THAT ARE NOW ON HOLD.

BECAUSE OF THE GOVERNMENT SHUTDOWN "I KNOW THERE'S SEVERAL THAT ARE ON HOLD RIGHT NOW WAITING TO CLOSE, THE ONES THAT ARE IN PROCESSES ALREADY ARE GOING TO BE DELAYED, AND THE ONES THAT ARE WANTING TO GO SHOPPING WITH A USDA LOAN, CAN'T EVEN REALLY DO IT RIGHT NOW BECAUSE THEY AREN'T ACCEPTING ANY NEW APPLICANTS.

" WALTERS SAID HIS CONCERN IS THAT IF THIS GOVERNMENT SHUTDOWN CONTINUES FOR A LONG PERIOD OF TIME, THE SELLERS WAITING FOR A BUYER WITH A U-S-D-A LOAN WON'T WANT TO KEEP WAITING, AND WILL GO WITH ANOTHER BUYER---WHO HAS A CONVENTIONAL LOAN SO HE SAID IT'S IMPORTANT RIGHT NOW TO EDUCATE AND REMIND BOTH BUYERS AND SELLERS THAT DURING THIS SHUTDOWN, THOSE U-S-D-A HOME LOANS, ARE ON HOLD.

FAKE NEWS on Mortgage Stress Test / Private Lender Stress Test / UNSUBSTANTIATED

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USDA Loan Company in Texas | USDA Loan Info | (888) 464-8732