USDA Broker in Long Branch NJ | (888) 464-8732

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

It is a TRUE no money down home loan in Long Branch. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.

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

USDA Loans in NJ Requirements Explained:

The first 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 in Long Branch! You just need to have your existing home soldBEFORE we can close the loan for your new home.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA.

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

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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.

How to take advantage of USDA Loans in NJ:

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.

In fact, there are many areas where entire counties and cities qualify for this program. The property has to meet minimum USDA Loan property standards.

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

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

2019 USDA Loan Eligible Areas in NJ: Map to Eligibility

usda loan rates today Really quickly I want to talk about FHAand VA properties or loans compared to a conventional type product. A lot ofsellers are now are kind of shying away from FHA loans and and VA loans becausethey have different stipulations on the appraisals. They've got some old verbiagethat makes it a little bit troublesome sometimes. Things like handrails andchipping paint a few other things that come up on appraisals that can causeissues. They have to be remedied prior to actually moving in. They're legacy typerules that are still around today that don't make a lot of senseso sometimes sellers and selling agents don't like taking those offers. So whenat all possible they want to see conventional offer. I think it's a littlemisguided. Ultimately those two products are amazing for us especially the VAproduct it's an amazing amazing product. Unfortunately sellers right now arebeing told to shy away from them because of those things. So be aware of thatunderstand what you're getting yourself into. If you have to go FHA or VA though,they're great loans.

Freedom First Friday: USDA Loans

usda home loan application Hey guys, Austin Schneider here, and today we're gonna got through the pros and cons of a USDA loan. (jazzy music) Pro number one is that there is an option for no down payments. Con number one is that there's some geographical restrictions. Because this program is meant to support purchasing a home in rural areas, there are geographical restrictions that could cause quite a long commute if you are working in the city. Pro number two, there's some flexible credit guidelines. There's the 640 minimum, and if you do have a few dings, you're probably gonna still be okay. Con number two is that there's some income limits. You do have to meet income limits that are based off of the median income in the area you're living in. Pro number three is that the interest rates are typically lower than your standard conventional loan. Con number three is that you can't get out of the mortgage insurance. While it is a little bit lower with the USDA loan, it's still gonna add to your overall costs. Thanks so much for watching. For more on USDA loans, for the pros and cons, check out our blog atTheMortgageReports. Com. Thanks so much for watching, we'll see you on the next one. usda home loan income requirements

USDA Loan Limit in NJ | (888) 464-8732