11 Things Houston First Time Home Buyers Should Know About USDA Loans
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Home must be in an eligible rural area.
Will need to work with a USDA approved lender.
Zero-down payment.
Credit score requirement is usually 640 or higher.
Debt-to-income ration 41% or less.
Home must be use as your primary residence.
Singly family home only.
Two year work history is required.
Seller may pay up to 6% of the home’s asking price in closing cost.
Texas USDA income Limit – household of 1-4 is $103,500 – For household of 5-8 income limit is $136,600.
Common reasons for denial includes failure to meet income requirements, insufficient employment history, low credit score, high DTI ratio, past bankruptcy, and area eligibility.
Image taken by Diana
For more information on USDA loan, please speak with your USDA approved loan officer. You can also visit USDA Loans . We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.
