The USDA Guaranteed Home Loan Program in West Windsor Township is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in West Windsor Township. 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 West Windsor Township 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 West Windsor Township! 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
What are the top five benefits of usinga VA home loan? Well that's what we're talking about today and we're startingright now! Hey everyone welcome back to my channel, I'm Angela O'Hare a Realtorhere in Las Vegas Nevada with The O'Hare Team at Urban Nest Realty. If this is yourfirst time here, consider subscribing now by clicking that button down below and eventhat bell for notification. If you're watching this on Facebook, be sure toclick on the link in the description to watch the full video on youtube andsubscribe there. so the topic today is, What are the top five benefits for usinga VA home loan? Backed by the US Department of Veteran Affairs, VA loansare designed to help active-duty military personnel, veterans, and certainother groups become home owners at an affordable cost. Here's an overview ofthe top five benefits of a VA home loan. Number one, there's no down payment. Imean really, no down payment. Most home loans required to make some sort of downpayment, but the VA home loan is the exception. With a VA loan you can financeup to a hundred percent of the purchase price. The VA loan is a true no moneydown opportunity. Number two, there's no mortgage insurance either. I mean really,no mortgage insurance! Typically when you get another home loanyou have to pay for some sort of mortgage insurance if you're not putting20% down. Since VA loans require no down payment nor mortgage insurance, that makesit VA backed mortgage very affordable upfront and over time. Number three, VAloans come in many varieties. A VA loan can have a fixed interestrate or an adjustable rate, it can be used to buy a house, a condo, a brand newbuild, manufactured home, even a duplex or any other type of property. Or you canuse it to refinance your existing mortgage. Number four, it's a heck of a lot easier to obtain a VA loan. You know like allmortgage types, you're gonna have to provide some kind of specificdocumentation, like your acceptable credit history and your work history tomake sure that you can afford the monthly payment. But as compared to theother loan types, the VA loan guidelines are so much more flexible. This is madepossible because of the VA loan guarantee. Number five, there's limitedclosing costs. The VA limits the closing costs that a lender can charge a VA loanapplicant, and this is another great reasons why the VA loan can be moreaffordable than any other loan type. If you're military veteran or stillactive-duty, you may be able to qualify for a U. S. Department of Veteran Affairsloan. If you would like a referral to one of our VA lenders to see if you qualifyfor a VA loan, reach out to us by email at theohareteamlv@gmail. Com thankyou so much for serving and let us serve you! If you like this video be sure tohit the thumbs up button, leave a comment down below, and consider subscribing tomy channel if you're interested learning all things real estate in the Las VegasValley. And remember if you or anyone you know is thinking about buying or sellingin Las Vegas, have them give me a call at 702-370-5112. Thank you so much for watching and I'll see you on the next one!.
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.
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