Has anyone received a USDA rural development home loan? If so How hard is it to qualify?
I am currently applying for a USDA rural development home loan and I was wondering how hard it is to be approved for one, I have already been qualified by my income. Once I am approved is it a pain to go through or is it somewhat easy?
The USDA product is a simply wonderful one. Qualification is easy and so is the process. The only caveat is that both the borrower and the property must meet the program guidelines. Sounds like you meet the income guidelines and as long as your property is in an approved area, you should have not trouble.
From a loan officer’s prospective, I wish there were more approved areas in my location so that I could use this program more often. USDA will finance the closing costs, it is 100% financing, and they are not credit score driven like Fannie Mae. This program makes it easy to get people into homes at a great rate and with minimal, if any, expense.
Lucky you!
The USDA product is a simply wonderful one. Qualification is easy and so is the process. The only caveat is that both the borrower and the property must meet the program guidelines. Sounds like you meet the income guidelines and as long as your property is in an approved area, you should have not trouble.
From a loan officer’s prospective, I wish there were more approved areas in my location so that I could use this program more often. USDA will finance the closing costs, it is 100% financing, and they are not credit score driven like Fannie Mae. This program makes it easy to get people into homes at a great rate and with minimal, if any, expense.
Lucky you!
References :
20+ years as a directmortgage lender