USDA LOANS
USDA LOANS
ARE YOU SET TO BUY A HOME?
Tennessee has many opportunities for those that want to get away from the city and a USDA loan for a rural area is the perfect opportunity to do that!
USDA LOANS
USDA mortgage loans are boosting development in rural areas and helping families with low or moderate income purchase homes.
The U.S. Department of Agriculture backs USDA loans. They are designed to promote rural living and development.
If you want to live in a rural area in Tennessee, you may be able to qualify for a Tennessee USDA mortgage loan.
What is a USDA Mortgage Loan?
In order to increase rural development, the USDA works with lenders to offer these guaranteed loans.
This guarantee allows lenders to offer USDA loans with excellent low rates and no money down. Low-income borrowers in rural areas are able to purchase homes because of USDA mortgage loans.
How do I qualify?
In order to be approved for a USDA Loan you and the property must both qualify.
The property must be located in a rural area. This means the area must have a population of less than 20,000.
In order to meet the income qualifications, you must make less than 15% above the average income for the area.
You must also be able to demonstrate that you have stable income and employment. A credit score of 640 will be required by most lenders, and your debt-to-income ratio should be below 41%.
ARE YOU SET TO BUY A HOME?
Tennessee has many opportunities for those that want to get away from the city and a USDA loan for a rural area is the perfect opportunity to do that!
USDA LOANS
USDA mortgage loans are boosting development in rural areas and helping families with low or moderate income purchase homes.
The U.S. Department of Agriculture backs USDA loans. They are designed to promote rural living and development.
If you want to live in a rural area in Tennessee, you may be able to qualify for a Tennessee USDA mortgage loan.
What is a USDA Mortgage Loan?
In order to increase rural development, the USDA works with lenders to offer these guaranteed loans.
This guarantee allows lenders to offer USDA loans with excellent low rates and no money down. Low-income borrowers in rural areas are able to purchase homes because of USDA mortgage loans.
How do I qualify?
In order to be approved for a USDA Loan you and the property must both qualify.
The property must be located in a rural area. This means the area must have a population of less than 20,000.
In order to meet the income qualifications, you must make less than 15% above the average income for the area.
You must also be able to demonstrate that you have stable income and employment. A credit score of 640 will be required by most lenders, and your debt-to-income ratio should be below 41%.
Our Relentless Commitment Is To Provide You With
The Best Possible Services
Floor Plan Financing
USDA Mortgage Loans
and How They Work
Rural development loans are also known as Section 502 loans.
The government created USDA loans in the 1990s to make it easier for low-income families in rural areas to become homeowners.
If you want to live in a rural area, and you meet the income requirements, a USDA loan may be the best option for you.
USDA mortgage loans are characterized by Low rates and 100% financing.
There’s no prepayment penalty and no down payment required, but you will be locked into a fixed rate if you take out a USDA mortgage loan.
No ARM mortgages are available through the USDA.
If you take out a USDA mortgage loan, you will be required to purchase private mortgage insurance.
Floor Plan Financing
How to Qualify for a
USDA Mortgage Loan
To qualify for a USDA loan, you must be a United States citizen or permanent resident.
Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.
If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.
USDA loans are designed to help people with the greatest need.
Those without safe and sanitary housing are prime candidates for USDA mortgage loans.
While you won’t be able to purchase a home in the city with this loan, some suburbs are considered rural by the USDA. You may be able to get a Houston USDA mortgage loan to purchase a home just outside of the city.
Our Relentless Commitment Is To Provide You With
The Best Possible Services
USDA Mortgage Loans
and How They Work
Rural development loans are also known as Section 502 loans.
The government created USDA loans in the 1990s to make it easier for low-income families in rural areas to become homeowners.
If you want to live in a rural area, and you meet the income requirements, a USDA loan may be the best option for you.
USDA mortgage loans are characterized by Low rates and 100% financing.
There’s no prepayment penalty and no down payment required, but you will be locked into a fixed rate if you take out a USDA mortgage loan.
No ARM mortgages are available through the USDA.
If you take out a USDA mortgage loan, you will be required to purchase private mortgage insurance.
How to Qualify for a
USDA Mortgage Loan
To qualify for a USDA loan, you must be a United States citizen or permanent resident.
Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.
If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.
USDA loans are designed to help people with the greatest need.
Those without safe and sanitary housing are prime candidates for USDA mortgage loans.
While you won’t be able to purchase a home in the city with this loan, some suburbs are considered rural by the USDA. You may be able to get a Houston USDA mortgage loan to purchase a home just outside of the city.
USDA Mortgage Compared to Other Mortgages
USDA mortgages usually offer the lowest rates on the market. There’s no down payment required, making them an ideal option for those who lack savings.
However, rates on USDA loans will depend on your financial situation.
To get the best rate, you will need a high credit score coupled with a sizeable down payment. The more financially strong you appear to your lender, the lower your rate will be.
USDA Mortgage Compared to Other Mortgages
USDA mortgages usually offer the lowest rates on the market. There’s no down payment required, making them an ideal option for those who lack savings.
However, rates on USDA loans will depend on your financial situation.
To get the best rate, you will need a high credit score coupled with a sizeable down payment. The more financially strong you appear to your lender, the lower your rate will be.
OUR TEAM
Justin Harvey
Branch Manager
Senior Mortgage Advisor
Cell: 423-276-6336
Office: 423-419-3420
Jamie Taylor
Office Manager
Loan Officer Assistant
Office: 423-419-3415
OUR TEAM
Justin Harvey
Branch Manager
Senior Mortgage Advisor
Cell: 423-276-6336
Office: 423-419-3420
Jamie taylor
Office Manager
Loan Officer Assistant
Office: 423-419-3415
Testimonials
WHY People TRUST and LOVE Us
Office:
Justin Harvey, NMLS #2065345
GVC Mortgage, NMLS #2334
806 E Jackson Blvd Ste 2 Jonesborough, TN 37659
Call: 423-276-6336
Email: [email protected]
© GVC Mortgage. All rights reserved. NMLS# 2334 (www.nmlsconsumeraccess.org). 806 E Jackson Blvd Ste. 2 Jonesborough, TN 37659. This is not a commitment to lend. Borrowers must qualify. Program guidelines are subject to change without notice. Loans not available in all states. GVC Mortgage is not acting on behalf of HUD, FHA, or any other federal or state government agencies. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Call 269.806.3845 for details.
Testimonials
WHY People TRUST and LOVE Us
Office:
Justin Harvey, NMLS #2065345
GVC Mortgage, NMLS #2334
806 E Jackson Blvd Ste 2 Jonesborough, TN 37659
Call: 423-276-6336
Email: [email protected]
© GVC Mortgage. All rights reserved. NMLS# 2334
(www.nmlsconsumeraccess.org)
806 E Jackson Blvd Ste. 2 Jonesborough, TN 37659. This is not a commitment to lend. Borrowers must qualify. Program guidelines are subject to change without notice. Loans not available in all states. GVC Mortgage is not acting on behalf of HUD, FHA, or any other federal or state government agencies. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Call 269.806.3845 for details.