USDA Loans Near Plano TX Might Be Right to Help You Buy a Home

USDA Loans Plano TX

USDA Loans Plano TXUSDA loans near Plano, TX might be one of the government’s least-known programs to assist people with their mortgages. USDA loans are distributed by the US Department of Agriculture and are meant to help families in rural America buy homes and improve the homes they already have. In addition to providing loan money, the program also offers low interest rates and no down payments. Though USDA loans have these same basic similarities, there are different types of loans. Each of these different types is intended for different incomes, and provide different kinds of aid. The three major kinds of USDA mortgage loan programs are:

Loan Guarantees
These USDA loans near Plano, TX guarantee a mortgage issued by a local lender that participates in the USDA loan system. These loans are similar in structure to FHA or VA loans. They allow you to access the same loan interest rate and no down payment, but the loan will come through a local lender rather than directly from the USDA.

Direct Loans
Unlike loan guarantees, these mortgages are issued directly by the USDA. They are intended for low and extremely low-income applicants. How low the income is required to be to qualify varies from region to region.

Home Improvement Loans and Grants
These consist of both home loans and outright financial awards. They are designed to provide aid to homeowners so they can repair or upgrade their homes. Certain packages can combine both loans and grants, increasing the amount of assistance a homeowner can receive.

It can be difficult to decide which of the USDA loans near Plano, TX will best meet your needs and your ability to repay. Even if a person is able to determine which loan might work best for them, they still need to determine if they qualify. The terms of qualification depend on variables like income, location, credit history, and potential repayment plans. Trying to sort through all of this information to come to a decision about whether or not to apply for a USDA loan can be complicated. In order to make that decision, and to navigate the loan system, it is best to rely on the counsel of someone who has been through the process before. Summit Funding has helped many people understand their loan options and guided them through applying for the right kind of loans. Call (972) 864-3530 today to find out more about the advice and support Summit Funding can offer you to guide you through the loan process.

USDA Loans Plano TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530

USDA Loans Near Plano TX: Single Family Housing Guaranteed Loan Program

USDA Loans Plano TX

USDA Loans Plano TXIf you are searching for a rural home in North Texas and you fear you may not qualify for a conventional home loan because you have a low to moderate income, take a look at one of the best home loan programs in the United States administered by the U.S. Department of Agriculture (USDA) – the Single Family Housing Guaranteed Loan Program.  You may be surprised to learn that USDA loans near Plano TX include loans for single family housing.  Many people assume that USDA loans are only for farms and ranches; but the USDA offers loans for family homes in rural areas as well.  Here’s what you need to know about the program:

▪What The Program Does
The Single Family Housing Guaranteed Loan Program helps approved lenders provide low- or moderate-income homebuyers the opportunity to own adequate, modest, decent, safe and sanitary dwellings as primary residences in eligible rural areas.  Applicants who are deemed eligible can build, rehabilitate, improve or relocate a dwelling in an eligible rural area.  The program guarantees 90 percent of the loan note to approved lenders to mitigate the risk of extending 100 percent loans to low- and moderate-income homebuyers.

▪ Who Is Eligible
Applicants who may apply for the program must:
  ▪ Meet specific income requirements
  ▪ Must agree to occupy the dwelling themselves and use it as their primary residence
  ▪ Be a U.S. citizen, U.S. non-citizen national or qualified alien
  ▪ Have the legal capacity to incur the loan
  ▪ Have not been suspended or barred from participating in federal loan programs
  ▪ Demonstrate a willingness to meet their credit obligations in a timely manner
  ▪ Purchase a dwelling that meets all of the program’s criteria

▪ Which Rural Areas Are Eligible
The USDA has an online search tool that lets you find specific property addresses to see if they are in eligible areas.

▪ How The Money Can Be Used
With these USDA loans near Plano TX, there are a number of ways you are allowed by law to spend the funds you receive through the guaranteed loan program that include purchasing a new or existing home, paying closing costs, repairing or rehabilitating the home purchased, buying essential items for the home like wall-to-wall carpeting, appliances and HVAC equipment, the purchase and installation of energy-saving equipment, the purchase and installation of equipment to accommodate a member of the household with a physical disability and more.

▪ Why The USDA Provides These Loans
Providing affordable homeownership opportunities promotes prosperity and prosperity creates thriving communities and an improved quality of life in rural areas of Texas and the rest of the United States.

▪ How To Get Started
To get started by finding out if you qualify for the Single Family Housing Guaranteed Loan Program, call an expert in USDA loans near Plano TX, Summit Funding, at (972) 864-3530.  You can also reach us online at www.thejbowenteam.com.

USDA LOANS PLANO TX
Summit Funding
5700 Granite Parkway, Suite 410
Plano, Texas 75024
972.864.3530