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

USDA Loans Near Plano TX: 5 Things You Should Know About USDA Home Loans

USDA Loans Plano TX

USDA Loans Plano TXWhen you think about home loans, USDA loans near Plano TX are rarely the first thing you think of – but they should be.  The U.S. Department of Agriculture or USDA offers home loans with 100% financing, low interest rates, affordable payments and no down payments.  These USDA loans near Plano TX are becoming more popular every day because they are one of the most cost-effective programs for buying a home in the home loan marketplace.  Here are some important things you should know about them:

  1. Because the U.S. Department of Agriculture sets the lending guidelines for this program, it is also called the USDA Rural Development (RD) Loan program.
  1. Borrowers must purchase property in USDA-eligible areas to be considered for these loans.  To find out if your property is in an eligible area, check the USDA’s website for maps or ask a USDA loan officer.  Even if you think the area in which you’re looking for a home is not rural enough, know that roughly 97 percent of the land in the United States is USDA-eligible so it’s worth checking to see if your property is on the USDA’s maps.
  1.  In addition to your property eligibility, you must also meet certain credit and income standards to be eligible for a USDA home loan.  Because the USDA doesn’t require a down payment or a high credit score, qualification for these loans is easier than for other types of home loans.  But bear in mind that these loans are not for people with high incomes; they are meant for ‘moderate’ income earners.  The USDA defines moderate income earners as those earning up to 115% of their area’s median income.
  1.  The USDA allows sellers to pay borrower’s closing costs, up to 3% of the sales price.  For those borrowers who aren’t getting closing costs from sellers, they must produce two months-worth of bank statements to show that they have enough money to cover closing costs.  They must, however, not have enough cash to make a 20% down payment on the property as this would make them eligible for a conventional loan and ineligible for a USDA loan.
  1. There is only one choice when it comes to mortgage length and that is 30-year fixed-rate loans.  This is the safest type of loan, which means it is the most successful.

USDA loans near Plano TX are guaranteed by the U.S. government, which means they’ll reimburse lenders if borrowers default on the loans.  Low risk makes banks and mortgage companies anxious to offer these kinds of loans at low interest rates.  So, why not take advantage of a USDA home loan.  To find out more, call Summit Funding at (972) 864-3530 or visit www.jziminskas.summitfunding.org.

USDA Loans Plano TX
Summit Funding
(972) 864-3530

Photo Credit:  ©Depositphotos.com/ Feverpitch

USDA Loans Near Plano TX: How A USDA Loan Can Help You

USDA Loans Plano TX

USDA Loans Plano TXIf you live in a rural area of North Texas, you can finance your home, farm or ranch purchase with USDA loans near Plano TX.  The United States Department of Agriculture not only provides funding for purchasing or establishing homes and farms, it also provides loans for home renovation and improvement as well as farm or ranch improvement, expansion, transition and strengthening.  This means that the USDA can help homeowners, farmers or ranchers who are just starting out or who are already established.

If you are a farmer or rancher, the USDA’s Farm Service Agency (FSA) can offer you a loan or subsidize a loan for you if you are unable to secure a loan elsewhere and if you can answer yes to any of the following questions:

▪  Do you want to buy or lease a farm or ranch?

▪  Do you need to buy equipment for an already established farm like irrigation pipes, a greenhouse, a tractor or livestock?

▪  Do you already own farm or ranch land and want to expand your business?

▪  Has your farm or ranch suffered a natural disaster like a drought, flood or large storm that destroyed crops or damaged buildings or equipment?

FSA loan programs are:

Guaranteed Loan Program – Guaranteed loans are made and serviced by commercial lenders like banks, credit unions and the Farm Credit System.  They are guaranteed against loss by the FSA up to 95 percent.  The FSA approves the loan guarantees and provides oversight.

Direct Loan Program – These loans are made and serviced by the FSA with federal government money.  In addition to providing the loan, the FSA has the added responsibilities of providing the borrowers with credit counseling and helping them to evaluate the adequacy of their real estate, facilities, machinery and equipment, financial and production management and goals.

Land Contract Guarantee Program – Land contract guarantees are available to farm or ranch owners who want to sell real estate through a land contract to a farmer or rancher who is either disadvantaged or just starting out.

Unlike loans from commercial lenders, USDA loans near Plano TX that you get through the FSA are temporary in nature.  The FSA’s goal is to help you until you can graduate to a commercial loan.

The world of USDA loans near Plano TX is a complicated one.  That’s why it’s important that you get the help of a professional.  If you are interested in a USDA loan and you feel you may qualify, call Summit Funding at (972) 864-3530 or visit http://joy-team.com .

USDA Loans Plano TX
Summit Funding
(972) 864-3530

Photo Credit:  ©Depositphotos.com/ jamesgroup