USDA Loan in Scotch Plains NJ | (888) 464-8732

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

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

rural development eligibility

BUT, there are several USDA Loan eligibility requirements in Scotch Plains 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 Scotch Plains! 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.

usda home loan income requirements

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.

usda payment

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

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USDA Home Loan Explained - 5 Things You Need to Know About USDA Loans

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