For the USDA Rural Housing Guaranteed Loan Program applicants for loans may have an income of up to 115% of the median income for the area. Ask us a Solutions First Mortgage Inc. for income limits in your area. Borrowers must be able to afford the mortgage loan payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

USDA guaranteed loan program provides up to 102% financing on the cost of the home. Understand, borrowers have to pay a funding fee at closing, but this fee can be financed into the loan. Funds for USDA loans are released on a Quarterly basis. Once the funds of that quarter are expended, a borrower will have to wait until the next quarter to have funds released for their closing.

Generally USDA guaranteed mortgage loans take up to 45 days to complete. These loans go through the standard underwriting process and once the underwriter has completed their work the underwritten loan is sent to the USDA office for approval. Depending on the amount of loans submitted the approval should take about two weeks.

The definition of a Rural Area by the USDA is quite broadly defined and these loans have little to do with agriculture and are not only intended for farmers; the purpose of the USDA loan program is to help build many of the nation's smaller communities.

In order to qualify for a USDA loan the property must qualify as being 'outside of a city limit' and the population of the area must be less than 20,000 people.

USDA areas are mapped by population density. To see if the area you desire to live in, is in a USDA area call us at Solutions First Mortgage Inc. and we will also help you get qualified for this great loan program.

Our service has been designed to remove the stress and misunderstandings commonly associated with buying a property.

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