A USDA Home Loan is offered through the USDA Rural Development Program. It is often called the USDA Rural Home Loan and is a Guaranteed Home Loan. UDSA Loans offer 100% financing. Other than VA Mortgages which only Veterans can apply for, USDA Home Mortgage Loans are the only other 100% zero down payment option out there.
What is a USDA Mortgage, and how does it compare with other programs that offer a low down payment?
USDA loans are a FIXED-rate mortgages with 30-year fully amortizations, which provides for a stable payment over the life of the loan, thus giving the borrower security. USDA loans have a very small monthly Mortgage Insurance payment compared to other financing options! These low MI payments can really help a borrower in making the monthly payments. The current monthly insurance rate is .3% compared to 1.15% for FHA, this is a huge benefit for home buyers.
What Are The Restrictions?
Unfortunately USDA Home Loans are geographically and income restrictive, however if you can find a home that qualifies and you can meet the minimum credit requirements this translates to huge savings for home buyers in Bastrop County. Typically towns such as Bastrop, Elgin & Smithville, Texas, which are on the outskirts of larger cities and less than 30,000 residents are eligible. Please click this link Property Eligibility and begin your search.
Income limits are liberal and are based on the total projected income for all adults living in the household. This income limit varies between counties. An applicant may have an income up to 115% of the median income for the area. Please click this link to find out the Income Eligibility requirements for Bastrop.
Fill out the form above to find a home that qualifies for the USDA Home Loan in Bastrop County and start your application process.
My Name is Josh Kohl and I specialize in the USDA mortgage. The mortgage business is my business and my passion and has been for over 6 years. I work with Nations Reliable Mortgage and we have fast underwriting and closing times that gets you in your new Bastrop home quickly.
My name is Wray Rivera an All City Real Estate Agent. I have lived in Bastrop all my life and I am well versed in USDA Zero Down Loans and I can help Bastrop home buyers find a home in Bastrop County that qualifies for a USDA Home Loan and I will be there to guide you through the entire process from start to finish. 