The USDA Guaranteed Home Loan Program in Cliffside Park is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in Cliffside Park. 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 Cliffside Park 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 Cliffside Park! 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
If the elevator tries to bring you down, gocrazy. Punch a higher floor. This is Dan on your inside team at Growella. It's Monday, July 9, 2018. Get ready. It's today's The Mortgage Minute-and-a-Half. People be like put me in work work work workwork work. And employers obliged. Friday, on the ninth anniversary of the endof last decade's recession, the Bureau of Labor Statistics reports that two-hundredthirteen thousand people entered the U. S. workforce last month and that's a positivesignal even though not everyone re-entering the force has found an actual job. Just the act of looking for jobs suggestsconfidence among U. S. workers, and confidence leads to consumption which drives the domesticeconomy forward. The jobs report also showed U. S. worker hourlywage growth to be on the downswing, a data point which gave mortgage rates a quick Fridayreprieve. Slowing wages reduce the pressure of economicinflation and when the pressures of inflation drop, mortgage rates often do, too. So, take a look at today's live rates andget yourself a quote. Rates are holding near the lowest in six weeks. Today's mortgage rates are in the dirt dirtdirt dirt dirt dirt. Interest rates for FHA loans, VA loans, conforming,USDA, and jumbo -- everything's up to kick off the week. The rates you get from a lender are customizedand more than a dozen factors go into your quote. Whether you go fixed or ARM, full fee or zerocost, even your choice of lenders affects the rate you get so talk to two or more lendersand find your preferred combination of rates, fees, and service. No matter how far you push the envelope, it'llstill be stationary. And no matter how matter how many times youhear you need twenty percent down to buy a home, it's still going to be not true. You don't need twenty percent down to buya home. And that fact makes a data point from EllieMae a little more concerning. The mortgage software firm asked more thanthree thousand renters: "What's stopping you from buying a home" and the overwhelming answerwas "I haven't saved enough for a down payment". Of all things, saving for a down payment shouldnot be the thing that stops you from buying. After all, there are seven government-backedmortgage programs that let you make down payments of less than five percent -- some don't evenrequire a down payment at all. HomeReady, HomePossible, HomePath, FHA loans,USDA loans, VA loan, Conventional 97. Then, there are local government programsthat give money to buyers for buying in particular areas. Forgivable money. And it's there, if you want it. So, don't get hung up on the twenty percentdown thing if you want to buy a place. Lenders don't care so much what you put down. They just want to know you can make your monthlypayments. So, talk to a lender and find out what's possible. You can't know until you ask. Growella does timely and relevant mortgagenews three times weekly and you can visit the site at Growella dot com for more excellentmortgage and real estate news. Go on and click the like button. What's blue and not heavy at all. Light blue.
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).
USDA Loan Limit in NJ | (888) 464-8732