Another great way to Mortgage a new home is called the
USDA loan. This type of loan is for those who will living in more rural areas, but not necessarily that far from more populated towns. There are areas in LaPorte, Jasper, and Porter Counties that you can use this type of mortgage. It is guaranteed by the U.S. Department of Agriculture. The program is officially known as the USDA Rural Development Guaranteed Housing Loan Program, or the “Section 502 loan”, named for its place in the USDA charter.
USDA loans are also known as “Rural Housing Loans.”
USDA loans are popular among today’s home buyers because the USDA program also offers no-money-down financing, like the VA.
Home buyers can finance 100% of a home’s purchase price; and, can even use the loan to help purchase a manufactured home or a modular home.
USDA eligibility is based on a combination of household size and geography, in additional to the typical mortgage approval standards such as income and credit score verification. USDA eligibility for a 1-4 member household requires annual household income to not exceed $74,750; and annual household for a 5-8 member household to not exceed $98,650.
To qualify, buyer must have 620 credit score or higher.
Jane at Home Advantage Real Estate is well versed with these types of loans, and can refer you to the leading lenders in the area that work with these programs. It makes a difference when it comes to lenders and no down payment programs. The larger banks don’t usually want to fuss with them. Call 219.531.8700 today for more information