If 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:
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.
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:
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.
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:
Final qualifications based on underwriting guidelines and USDA Approval