The USDA Guaranteed Home Loan Program in Rockaway Township is backed by the USDA – the United States Department of Agriculture.
It is a TRUE no money down home loan in Rockaway 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 Rockaway 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 Rockaway 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
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.
Hi this is Scott Hastings with Mortgages byScott, powered by On Q Financial. You might wonder why I'm standing in the middleof a field and that's a good question. The reason is I'm talking about USDA loanstoday. Although this looks like a very rural areaI'm only really about a mile and a half from downtown Davidson. A lot of people wouldn't think that Davidsonwould have any areas that are USDA eligible but there really are. A lot of people give me a all looking fora loan where they don't have to put any money down and there's no mortgage insurance, andthat is a USDA loan. USDA loans are great, the only thing is thatthey are not eligible for all borrowers because of income requirements or caps on householdincome, and they are not available on all properties. The income requirement is going to be basedon the number of people that live in the house, not just the number of people on the loan. Most loans are going to go by who is on theloan, so in this case if you have 3 people who live in the house, but only 1 person isgoing to be on the mortgage, the income is only going to be considered, as far as qualifyingfor the loan itself, by the person who's on the loan. But USDA is going to count the number of peoplewho live in the household. So if a husband and wife both work, but onlythe husband is on the loan, and if their income together is less than the maximum householdincome limit for that USDA area then they are good to go. But if together their income exceeds the maximumincome limit for that area then unfortunately they wouldn't qualify. Also not every home is going to be eligiblefor a USDA loan. And there's not really a map where you canjust look at it and say "Oh that whole area is USDA eligible". You have to go to the USDA website and youcan put in the address of the property and it will tell you whether it's a USDA eligibleproperty. You can also go in there and type in the amountof monthly income the borrower has and see if that household income exceeds the maximumincome requirement. There are some tips and tricks on gettingqualified for a USDA loan where you might not think that you would normally be eligible. One is a mortgage credit certificate and certainthings like that so if you have any questions at all about a USDA loan please give me acall.
USDA Loan Limit in NJ | (888) 464-8732