Texas USDA Rural Development Home Loan Information

The Texas USDA Rural Development home loan program
was designed to provide affordable housing for residents in rural
areas. In many cases this is the best mortgage for buyers in rural
areas. Here are some of the USDA RD program features:

• 100% Financing - No down payment is required
• No cash reserves are required - Many other programs require that you have a certain amount of cash in reserve at closing
• Seller concessions are allowed up to 6% - This means that the seller can pay some or all of your closing costs
• There
  is no minimum FICO credit score - Clients with no credit history may
  qualify. (Those with a credit history should have reasonably good
  credit)
• There is no limit to the purchase price - It must be reasonable for your income
• NOT just for first time buyers
• Very low interest rate
• No PMI insurance - This helps keep your mortgage payment low

Recently
the mortgage industry has tightened rules so that even borrowers with
stellar credit need a good down payment. The USDA program and the VA
program are the two main programs that allow 100% financing.

Here are some of the key requirements to qualify for the Texas USDA mortgage program:

• You must be a US citizen or a legal permanent resident
• The property must be in a qualified rural area
• The property must be for residential use - not a farm of for commercial use
• You
  need to have enough income for the home you want - generally the
  payment should not be more than 29% of your gross monthly income
• You must have no credit or a reasonably good credit history
• Your family income should not be more than 115% of the US median income
• The applicant should not already own a suitable home in the commuting are of the proposed property
• Other conditions may apply but you will probably qualify if you meet the above requirements

Glenn Lamb is the author and owner of Texas Capital Mortgage and the Lamb Insurance Agency (Farmers) in Houston Texas

Texas Capital Mortgage - Lowest rates with superior service! Ask about down payment assistance and

ITIN programs - 281-537-7800 Houston Texas Mortgage

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