USDA Loans In Medina Ohio
A Rural & Suburban Loan For Homebuyers.
Are you one of those people that love living in a more suburban, or rural neighborhood instead of seeing city concrete everywhere? if that's you, then a USDA Loan could be exactly what you've been looking for.
So, What Is A USDA Loan?
A USDA Loan is a zero down payment mortgage loan that is eligible for rural and suburban locations. These loans are issued through the USDA loan program and are also reffered to as The USDA Rural Development Guaranteed Housing Loan Program. These loan program are by the United States Department of Agriculture.
What are the benefits of a USDA Loan?
USDA Loans have a lot of great benefits that you can take advantage of:
- No Down Payment - One of the biggest upsides to any USDA loan is the possibility of 100% financing, therefore allowing you to get into your home with zero down payment.
- Lower Interest Rates - Because your USDA loan is insured by the US Department of Agriculture you're offered low interest rates across the board that do not vary based on credit score, or down payment like conventional financing does.
- Flexible Lines of Credit - Since these loan programs are government backed they allow for those with blemised, or limited credit history to get approved for a home loan.
Can I qualify for a USDA Loan with a bankruptcy or foreclosure on my record?
Good news, yes. However, your bankrupcty must be at-least two years old before you qualify. Unless you can prove the bankruptcy was due to an uncontrollable circumstance . If you had a foreclosure you have to be at least three years removed from it. It's important that you demonstrate working toward re-establishing good credit.
Delinquent on taxes or student loans? You won't qualify.
How long does it take to get approved for a USDA Loan?
Unfortunately, there isn't a certain time period to close for USDA loans. Each loan process is different for every person, but when you partner with us we ensure that your loan will close as fast as possible.
Can I use a USDA Loan for investment property?
Because USDA Loans are meant primarily for residency they are not an option for investment property loans.
How low can my down payment be?
Down payments on USDA Loans can be as low as zero money down.
How do I know if a USDA Loan is best for me?
In order to qualify for a USDA loan there are first some income limits that vary by location, and depend on the size of your household. You must also:
- Be A U.S Citizen (Or Have Permanent Residency)
- Have a monthly payment that's 29% or less then your monthly income
- Show dependable income typically for a minimum of 24 months
- Have an acceptable credit history.
Can I get a USDA Loan if I'm self-employed?
Yes! As long as your property fits the guidelines of a USDA Loan, and you prove reliable income then you will be eligible for a USDA Loan.