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Do I Qualify For a USDA Loan?

A small model home on an iPad with paperwork alongside itIf you’re interested in buying a home in a rural area of New York state, a New York USDA loan may be a good mortgage option for you to consider.

USDA mortgages are designed to help people purchase homes in designated rural areas. Offered by the United States Department of Agriculture, these loan programs allow for 100% financing and offer a number of additional benefits to homebuyers, including:

  • Competitive interest rates
  • No cap on seller’s concession (based on appraised value)
  • No down payment
  • All pre-paid closing costs may be refunded at closing w/ receipts
  • Low monthly private mortgage insurance

There are a number of factors that influence whether or not homebuyers can qualify for a USDA home loan in the state of New York. Some of these factors are related to your personal finances, while others relate to the property you intend to purchase.

Wondering if you qualify for a New York USDA Loan?

As far as USDA eligibility in New York is concerned, there are five main aspects to consider. Without getting into too much detail, here are the bullets:

  1. The home you are interested in purchasing must be single family residence (no multi-units)
  2. The home must be in an eligible rural area in New York State
  3. You must have documented income that meets the USDA’s requirements
  4. Your income cannot exceed the maximum limits (income limits are designated by county)
  5. You must meet minimum credit standards (typically 620)

These are just the basic qualification standards for New York USDA mortgages – but if you meet these, you may want to consider financing your home with a USDA loan.

You can learn more about the eligibility requirements for New York USDA loans here.

Obtain a New York USDA Mortgage Through Maple Tree Funding

At Maple Tree Funding, we offer New York USDA loan programs through a number of banks. We can help you determine for sure whether or not you qualify for a USDA loan, and if you do qualify, we can help you find the lender that’s right for you.

Interested in learning more about USDA Mortgages in New York? These helpful resources are a great place to start:

New York USDA Loans: General Information, Benefits, & Eligibility Requirements

How to Apply for a USDA Home Loan

How to Find a USDA Eligible Property

Wondering if you qualify for USDA financing? We can help you figure it out! Give us a call at 518-782-1202 or fill out our quick and easy contact form to get the process started.

Final qualifications based on underwriting guidelines and USDA Approval

Posted in Mortgage & Refinance Programs on Tuesday, March 15, 2016 by Maple Tree Funding