USDA Broker in Maplewood NJ | (888) 464-8732

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

It is a TRUE no money down home loan in Maplewood. 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 Maplewood 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 Maplewood! 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 rural loan Brian: Cody Limburger the Doogie Howser of real estate the question is, are military buyers who use a VA loan today a bigger risk for sellers vs conventional or FHA buyers? Cody: Ha! Doogie Howser. You know Istill can't believe I've been at this almost seven years already and to answeryour question this 100% comes down to educating agents and consumers on theprocess especially as we've moved into a balanced market. Y ou know we teach ouragents that this is really about a $75 termite inspection and a VA appraisal. Are we really going to limit one of the strongest loan products out there basedon fear? Brian: Cody all outstanding answers thank you so much. Hey that's all the time we have for today. Military veterans thank you so much for your service. Hey don't be misinformed and misguided by people that don't know what they'retalking about when you go to buy a home especially when you wanna get eligiblethat homebuyer tax credit and the community heroes credit. We would love to be your home buying advocate. God Bless America!.

Freedom First Friday: USDA Loans

usda rural 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. usda loan limits

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