The USDA Guaranteed Home Loan Program in East Orange is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in East Orange. 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 East Orange 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 East Orange! 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
- Hey, it's Austin Schneiderhere and today we're gonna give you the pros andthe cons of a VA Loan. So a VA Loan is set upfor active and non-active military members as a perk for those who served in our military. Pro number one of a VA Loan is that there is no down payment required. Forget that 20%, forget that 3. 5%, you don't have to put anything down. Con number one is there's a VA funding fee which typically comes out to around 2% of the purchase price. Pro number two is you'regonna be saving money on Private Mortgage Insurance. You will not have to paythe up to a couple hundred dollars a month in thisMortgage Insurance. Con number two is thatthe VA Loan is intended for primary residence,meaning you need to be living in this home. Pro number three is that there's a higher debt to income ratio, meaningthat you can get a loan for a larger amount thanyou probably would be able to with a conventional loan. Con number three of a VALoan, it could be a turnoff to sellers, the 0% downsometimes makes them shake a little bit in their shoes, especially if it is acompetitive situation. Alright, guys, for moreon VA Loans pros and cons, visit us online at TheMortgageReports. Com. Thanks so much for watching, we'll see you on the next one. (upbeat music).
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!.
USDA Loan Limit in NJ | (888) 464-8732