The USDA Guaranteed Home Loan Program in Mahwah is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in Mahwah. 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 Mahwah 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 Mahwah! 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
Have you heard about a USDA loan in Oahu? Do you know the benefits of a USDA loan? Hi, I am Fawn Bertram with Homes by Fawn andHawaii Life. I have a special guest with me today. This is Stephanie Safholm with Hawaii VA Loans. This is video #2 of a 3 part series. Stephanie can you tell me the benefits ofa USDA loan? Sure I'd be happy too, thanks Fawn. USDA loans are a great resource for many homebuyersin Hawaii. Like the VA loan, there is no down paymentrequirement. USDA stands for United States Department ofAgriculture and this loan program is designed for homes in rural areas. But get this, most of Hawaii is consideredrural. Currently, on Oahu for example, you can usethis loan for most of Kapolei, Ewa, the West Side, Waikele, the North Shore, the East Sideabove Kaneohe and Waimanalo. Thank you Stephanie. If you would like to know more information,please like, comment and share below. Fawn Bertram with Homes by Fawn. As always, make it a great Home Buying andSelling Day.
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USDA Loan Limit in NJ | (888) 464-8732