Valley West Mortgage is now offering USDA Home Loans. No Down Payments, No Reserves, 100% financing, No Monthly PMI & This is not just for first time home buyers.
What is a USDA Home Loan?
A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines.
To be eligible, applicants must:
Have an adequate and dependable income
Be a U.S. Citizen, qualified alien, or be legally admitted to the United States for permanent residence
Have an adjusted annual household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income – such as annual child care expenses and $480 for each minor child – in order to qualify.
USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income.
Have a credit history that indicates a reasonable willingness to meet obligations as they become due
Have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.
If you feel you meet the above requirements and are interested to see if you can apply for a loan. Give us a call (702) 696-9900. Our staff is available typical working hours and will love to get you the loan you need for the house your want.