The USDA Guaranteed Home Loan Program in Franklin Township is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in Franklin 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 Franklin 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 Franklin 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
Jason what are the requirements forthe USDA program? so that's going to be looking at a 640 minimum credit score requirement. there is a income requirement too. So basically the incomerequirement is about 78,000 if you're in a family of 1 to 4 if you're in a family of 5+ that's gonna go up to about $103,000 on the income limit. The big requirement for USDA is that it's property specific. so it's got to be in a USDA Approved Zone Ok, and How much down payment doesthis program require? so it's actually 0% down payment which is Great! Ok Awesome, and how much does the average home buyer come in with out-of-pocket? So because your down payment is covered you're just gonna have to come in withagain your prepaid and closing cost So if it was a $300,000 purchase. you'd be looking at about $7,500 cash for keys to get in the home. What type of home buyer is the USDA program Ideal for? So this is going to be ideal for the home buyer that's looking for a property in those specific areas. Ideally it's properties that are going to be rural zones. So not right in the middle of the city, but maybe if it's more on the outskirts, on a little bit ofland, lower tax rate areas that's probably going to be a property that's eligible and that would be ideal because that one would probably qualify OK, Fantastic. Thank you Jason No Problem.
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