USDA Rural Development Home Loan Program - Berkshire Lending

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 it is the best mortgage for buyers in rural areas. Here are some features of the USDA RD program:

• 100% Financing - No Down Payment Required
• No cash reserves are required - many other programs require that you have a certain amount of cash upon 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 - customers with no credit history may qualify. (People with credit history must have good credit)
• There is no limit on the purchase price - it should be reasonable for your income
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• Not just for first time buyers
• Very low interest rate
• No PMI Insurance - It Helps Keep Your Mortgage Payment Low
• Recently the mortgage industry has tightened regulations so that borrowers with stellar credit also need to make good payments. 
• The USDA program and VA program are the two main programs that allow 100% financing.
• Some of the key requirements to qualify for the Texas USDA Mortgage Program are:
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• You must be a US citizen or legal permanent resident
• Property must be in an eligible rural area
• Property must be for residential use - not a farm for commercial use
• Sufficient income is required for the house you want - payment should generally not exceed 29% of your gross monthly income.
• You should not have any credit or a very good credit history.
• Your family income should not exceed 115% of the US average income
• The applicant should not already own a suitable house, which is of the proposed property
• Other conditions may apply but if you meet the above requirements, you will probably qualify.

Brett’sis the author and owner of Texas Capital Mortgage in Houston Texas and the owner of Lamb Insurance Agency (Farmer)

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Berkshire Lending - 214-937-4455 Houston Texas Mortgage [https://www.berkshirelending.com]

Visit our Texas Mortgage Down Payment Assistance Site - Down Payment Assistance Houston [https://www.berkshirelending.com/purchase-a-home/usda/]

This is a great program not many people know about! Texas residents can find more information on my Texas USDA USA Rural Development Home Loan [http://www.berkshirelending.com/mortgage-calculator/] site. Or you can call my Houston office at 888-875-7675.