USDA Loan - USDA Mortgage - 11 Facts - USDA Loans- USDA Home Loan 2020

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Created by the U.S Department of Agriculture
USDA Loans offer great features 97% of the US landmass is loan eligible!

11 facts about USDA Loans
1) USDA loans require zero down payment!

2) There actually is no minimum credit score requirement on a USDA loan. Most lenders will require a 580 Fico Score, a few will go lower, but most will require a 640 or higher FICO score

3) The is USDA Maximum loan amount is based on the county average income

4) USDA loans are designed to have the lowest interest rates. The rates are at least as low and sometimes even lower than VA and FHA and it still does not require a down payment

5) Up Front Mortgage Insurance is only 1% for a USDA loan as compared to 1.75% for FHA, and 1.4% with a 10% down payment on a VA loan all the way up to 3.6% (all funding fees are waived for disabled vets on VA loans) So a USDA loan has the lowest funding fee of all government loans!

6) On an FHA loan a borrower will pay .85% annual mortgage insurance rate (based on a 3.5% down payment), and for USDA only .35% annual mortgage insurance cost - only about 41% of the FHA mortgage insurance cost!

For example on a $300,000 FHA purchase with a 10,500 down payment, the Mortgage Insurance would cost $205.06 monthly

On a $300,000 USDA purchase with Zero Down Payment, the monthly mortgage insurance is only $87.50 a month

7) This loan has a maximum income of 115% of the Area Median Income. The allowable income adjusts for family size.
You can look up the county limits at https://www.rd.usda.gov/files/RD-GRHL...

8) How do you find out if a property is available? Just visit https://eligibility.sc.egov.usda.gov/...

9) Only available for owner-occupied properties.

10) The buyer must move into the house within 60 days of the close of escrow

11) When the appraised value is higher than the purchase price, the closing costs can be financed with the difference! Only USDA loans allow that!

00:00 start
00:20 fact number 1 – zero down payment
00:24 fact number 2 no minimum credit score
00:48 fact number 3 designed for rural areas
01:04 Fact number 4 Lowest Interest Rates
01:21 Fact number 5 Lowest Funding Fee
01:52 fact Number 6 Very Low PMI Rate
02:28 Fact number 7 Median to lower-income requirement
03:00 Fact Number 8 Owner Occupied Only
03:13 Fact Number 9 Must Move in within 60 days
03:25 Fact Number 10 Must be Pre Approved
03:52 Fact number 11 Closing Costs can sometimes be financed

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http://www.FireYourLandlord.info for FHA loan application online. Apply online. even FHA Loans bad credit!

FHA Loan guidelines for FHA mortgage loans are the same in California and nationally.
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#USDA #USDALoan #USDAmortgage

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Apply online now at http://www.FireYourLandlord.info
5-10 mins to get your process started. FHA loans real estate - whole loan process and Fire Your Landlord!

To learn how much mortgage can you can qualify for. Watch https://www.youtube.com/watch?v=wA8QL...

For an FHA mortgage, or if you have an FHA loan question, call Chris an FHA Loan Officer! Fire Your Landlord with FHA loans to qualify for FHA!

Mortgage loan to buy a home with an FHA Home loan!

Chris Trapani
NMLS# 240870
Cell: 310-350-2546

Fire Your Landlord
800 N. Haven Avenue Suite 240
Ontario, CA 91764