USDA Home Mortgage
in Louisiana - USDA RURAL DEVELOPMENT
USDA MORTGAGE LOAN LOUISIANA
- Changes Make "Rural" Homes
More Accessible
Zero-down loan programs are few and far between these
days, but one that remains available might be of interest to you
–especially given some changes that make it more accessible.
-
USDA Loan 100% financing, no down payment is required. The loan amount may not
exceed 100% of the appraised value, plus the guarantee fee may be included.
-
30-year fixed rate mortgage loans
- USDA Guarantee Fee applies: may be rolled into the loan amount.
- Flexible credit guidelines. Non-traditional credit histories may be
accepted.
- Fixed 30 year interest rates apply. Lenders and applicants agree upon
interest rate.
- Qualifying ratios are 29% for housing costs and 41% for total debt.
USDA Lenders in Louisiana may request an exception to exceed these ratios when strong
compensating factors are identified.
- Eligible closing costs and lender fees may be included in the loan or
paid by the applicant.
- Gift / Grant Funds / Mortgage Credit Certificates
(MCC) /Seller Concessions are allowed in the USDA.
- Eligible repairs and improvements may be included in the loan.
- Applicants apply with an approved lender of their choice.
- USDA Home loan in Louisiana, Not limited to first time homebuyers.
- No maximum purchase price. Qualifying ratios and the applicant stable
and dependable income will determine home affordability.
- Eligible property types include existing homes, new construction,
modular homes, Planned Unit Developments (PUD), eligible condominiums and
new manufactured homes.
-
USDA loans require an upfront guarantee fee of 3.5 percent of the total mortgage amount. The
one-time fee is added to the total balance of the mortgage and financed into the
loan.
On Oct.1, 2011 that 3.5 percent fee will decrease to 2 percent. USDA
Loans will
implement a new annual fee of 0.3 percent of the balance of the loan. This fee
will be added to the monthly payments.
-
Ability to Refinance your Louisiana USDA Home
Loan - Rate reduction only - no cash back - Reduced Guarantee Fee, Only existing GRH and Section 502 Direct loans are eligible for refinance -Streamline Process
-
No payment reserve requirements
-
No down payment Required for USDA Home Loans
-
No First-time homebuyer requirement
-
No maximum. If greater than 6%, comment from the
appraiser required
-
100% gifting permitted. Donor must be disinterested
third party.
Louisiana USDA Rural Loan Program
Zero down payment. You must purchase home in eligible county and there are
maximum income limits for the USDA Rural Development Single Family Housing
Guaranteed Loan Program
LOUISIANA USDA Eligible Financing For the Following COUNTIES:
Visit
USDA
Home Loan website to determine if a specific home is eligible for the program.
Full address with zip code is required.
USDA Rural Development loans
in Louisiana offer 100%
financing
While there are some
geographic limitations for this program, if you are interested
in eligible properties, you should take notice. Income
restrictions for this program are based on the number of people
living in your household, however these limits were loosened
beginning April 20, 2009, which means more people may now
qualify and be able to afford higher value homes under this
program. Previously, the income limits were based on the exact
number of people living in the home. For example, the limit for
two people was different from the limit for one person; the
limit for three people was different from the limit for two
people, etc.
Just because you see the word "rural" in the
loan program name, it doesn't mean we are talking farmland here.
USDA Rural Development Single Family Housing Guaranteed Loan
Program are generally defined as areas that are not densely populated and
have fewer neighborhoods, you might be surprised at how
many neighborhoods qualify.
To check eligibility on a property
you may be interested in, or visit the following web site.
Is this property eligible for USDA Guaranteed Rural Housing
financing?
More buyers will have the ability to buy a
home without a down payment and that could be you. Also, when it
comes to USDA Rural Housing loans in Louisiana, the seller can pay closing
costs up to 6%. When you combine these benefits with the
available tax credit of up to $8,000 for eligible first time
home buyers, buying that "house in the country" – or even the
suburbs – is suddenly a lot easier.
USDA Loan Inquiry - USDA MORTGAGE
LOANS LOUISIANA
USDA Rural Development Single Family Housing Guaranteed Loan
Program in Louisiana |