USDA Home Loans St. Louis
Missouri residents living in rural sections of our state may qualify for 100% financing on a home purchase.
Sean Zalmanoff and his team of mortgage professionals want to see you and your family living in your dream house, and we will work with you to help secure this amazing mortgage offer.
Rural home buyers can rest easy knowing that Sean Z and the USDA are both on their side when it comes to obtaining funds for a new home purchase. We all want to ensure that low or moderate income homebuyers in the rural sections of Missouri can achieve their dream of owning a home.
The Rural Development Program works with local lending agencies to extend an incredible 100% financing opportunity to qualified buyers living in rural communities. These guaranteed loans have already assisted thousands of home buyers across the nation by catering to lower income families with lower interest rates and loan terms.
What should I know about the St. Louis USDA Home Loan?
The most appealing part of the USDA home loan for a buyer is the 100% financing. There is no need to come up with funds for a down payment, so long as the amount of the loan does not exceed the appraised value of the house. You may also be able to roll other fees into the mortgage.
This is a program specifically meant for people with low incomes. Traditional credit scores may not count against you. What USDA home loan is looking for are homeowners with no more than a 41% debt ratio, and they have even been known to make exceptions to that rule under extenuating circumstances.
This is a fixed rate mortgage. Sean Z can assure you that the rates will not suddenly skyrocket in 5 years. You and the lender agree upon an interest rate and that is where it will stand for the entire life of the loan. Any changes in the housing market and interest rates will have no affect on your monthly payments.
How Much House Can I Buy?
With a USDA Rural Development loan, there are loan limited based off of home prices in each county. So as long as the home you choose is in a pre-approved rural zone of the state we will be able to help you find the maximum loan limit.
Don’t think you have to buy the farm in order to get this type of loan. The home could be an existing home or new construction. You can also choose an eligible condominium or modular home. So long as it is in a rural environment you may qualify for a mortgage and the USDA has become very loose in their descriptions of rural properties.
The USDA Rural Development loan can even be used to purchase a fixer-upper. If the criteria met, you could receive extra monies with your loan to repair and renovate a house to turn it into your dream home. Your Sean Z mortgage advisor can let you know what you will need to qualify for this type of loan package.
How Do I get a USDA Home Loan?
Like an FHA loan, the funds for a USDA home loan are being offered by a lending company. The USDA is just offering you their back by insuring the loan. An approved lender like Sean’s team at USA Mortgage will process the paperwork for you before it is submitted for approval. We have substantial experience in this type of loan and know exactly what the USDA is looking for to grant approval.
Other criteria besides the home’s location are important in the application process. Your total income cannot be more than 115% of the average income for the area. We can easily tell you if you meet that requirement. The property must also be purchased as a primary residence for the buyer, and you can’t own another home that is within reasonable driving distance to the one you are now considering.
Since the eligibility requirements for a USDA Home Loan are so reliant on the debt ratios, Sean Z and company will be able to give you a good idea of how much house you can afford before you choose a home. Just ensure with your real estate agent that you are limiting your hunt to USDA approved rural areas.
If you enjoy the peaceful life of a rural setting, don’t let the opportunity to get this type of loan slip away. The professionals at Sean Z will be more than happy to help you secure the funds to get you and your family into the house of your dreams.
