How To Qualify For A USDA Mortgage
To be qualified for a usda mortgageyou need to be qualified for certain usda mortgage loans eligibility requirements to be considered for a USDA construction loan or qualify for a USDA mortgage to purchase a property. The main example is you have to live in the property and it has to be your primary property. You also need to take a look for other requirements below:
Residency - You need to be a U.S. resident, noncitizen national or permanent resident.
Location - The property that financed by USDA mortgage must be in the eligible rural or the edge of suburbia areas. You can simply know if a property is eligible by visiting the USDA’s eligibility site.
Monthly Income - USDAmortgage loans are eligible for families who demonstrate economic need, so your adjusted gross income must be lower than 115% of the median income in the area..
In addition, to be qualified you also need to show that you have a stable income and are able to pay your loan payments without any problem for at least 12 months related to your assets, savings and current income.
DTI - A mortgage lender will also check on your debt-to-income (DTI) ratio when the mortgage lender considers you for USDA mortgage loans. You will have a great chance to be qualified if your DTI is 43% or lower.
Credit Score - Almost all mortgage lenders require a credit score up to 640 or higher. But even if your credit score is close to that or below that point, you might still qualify. Talk to a mortgage lender such as Just Funded Mortgage to discuss your USDA mortgage loans options. Mortgage lenders will help you to become a homeowner more easily with many option you can choose.