USDA Texas Mortgage

Guidelines for a USDA Loan

More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. When the Federal Government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA’s Guaranteed Rural Housing Loan Program, low- and moderate-income people can qualify for mortgages even without a down payment.

Guaranteed Rural Housing Loans

To be eligible, applicants must: Have an adequate and dependable income;

Be a U.S. Citizen, qualified alien, or be legally admitted to the United States for permanent residence;

Have an adjusted annual household income that does not exceed the moderate income limit established for the area. A family’s income includes the total gross income of the applicant, co-applicant and any other adults in the household. Applicants may be eligible to make certain adjustments to gross income — such as annual child care expenses and $480 for each minor child—in order to qualify.

USDA Rural Development field offices can provide information on the moderate income limits for the areas that fall within their jurisdiction, and can provide further guidance on calculating household income.

Have a credit history that indicates a reasonable willingness to meet obligations as they become due;

Have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance (PITI) divided by gross monthly income must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.

Why Contact Us??

We can get you a quick quote, answer any guideline questions and we will not add your email address to any kind of marketing or email drip campaign. We have access to as many programs as any bank in Texas and have a choice of a wide range of lenders.

Josh Kohl
Mid America Mortgage
12001 W. Parmer Ln. Suite 250
Cedar Park, TX 78613
Office – 512 342 1069
Fax – 512 592 7971
NMLS – 226972
josh@jkohlmortgages.com