The USDA Guaranteed Home Loan Program in Kearny is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in Kearny. Many people who take advantage of this program are able to get into their homes with little to no money out of their pocket.
BUT, there are several USDA Loan eligibility requirements in Kearny 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 Kearny! 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.
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.
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
Are you aware of boththe pros and the cons of VA home loans? (upbeat music) Hey everybody, I'm Nick Steffl with the Whissel Realty Group and today, I'm here to talk to you about both the pros and thecons of VA home loans. VA of course stands for Veterans Affairs as in the Department of Veterans Affairs and the VA loan is oneof the best benefits when it comes to having the GI bill which has been around ever since 1944 for our active suit duty service members and our veterans. So when it comes to the VA loans, let's talk about boththe pros and the cons when it comes to using your VA loan. First of all, when itcomes to the VA loan, let's talk about the 0% that you can put down on a home. A lot of home buyers are frustrated when it comes to the down payment that they have to put on a home but with the VA loan, you can put down 0% and get into that home that you love. Secondly when it comes to your VA loan, you're able to get typicallymuch easier qualifications when it comes to getting prequalified. Usually in your conventional loans, they have higher standards. With the VA loan, it's abit easier to get qualified. And also, you're going tohave a lower interest rate on your VA loan than you typically would on a conventional loan. Thirdly, when it comes to your VA loan, one of the benefits is going to be private mortgage insurance. Private mortgage insurance is something that you typically have to pay if you put less than 20%down on a conventional loan. But with the VA loan, it doesn't matter what amount that you put down, it could be 20, 19, 15, 0% down, and you never have to worryabout private mortgage insurance which saves you hundreds ofdollars every single month. So let's talk about the disadvantages when it comes to using your VA loan. First of all, with your lower down payment that you're going to have, you're also going to havetypically a higher principal on that loan as well and with that, you're going to have alittle bit more interest over the life of that loan. Secondly, when it comesto the disadvantages of your VA loan, you have a funding fee, a one time funding feethat you have to pay for this VA loan andthat's usually going to go from zero to 3% of the value of the loan depending on your military service history and the size of your down payment. Finally, when it comesto the disadvantages of using your VA loan,you're going to have a limit on how much you can borrow. So if you're trying to purchasea 5 million dollar mansion here in San Diego, that'susually not going to work with the VA loan. But, if you're looking for a home that you and your familydo need at a lower price, that's something that we can use and get you into thathome that you do need. So if you have anyquestions about the VA loan or any kind of other loan types, give me a call 619-933-7155. I would love to connect you with one of the lenders that we work with. Have them get you approved and once we do that, youand I will go searching for that perfect home and getyou the home of your dreams. (upbeat music fades).
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 Joran 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.
USDA Loan Limit in NJ | (888) 464-8732