Are you in the vicinity of Mark Twain National Forest? Or are you in Cann, Kansas City, Adair or Andrew? No matter your county, there is still a possibility that you may qualify for USDA mortgage Missouri through your best home purchase partner, USDA Loans Direct. We are here to make sure that you pass the eligibility test and proceed to your repayment journey amicably, while enjoying the benefits.

How Do I Become Eligible?

USDA mortgage MI does not require anything more than the following simple passes:

• A credit score of 640. We can help those with a FICO of 620.
• You need to make the home your primary residence.
• The property is in an area that Rural Development has designated as rural.

To make it even simpler, we can eliminate some of the extra processes through our convenient online process.

Income Requirements

Though USDA mortgage Missouri does not put a cap on personal income and property limits, per se, it requires applicants to adhere to this collective income threshold:

• Does your income surpass the area per capita by 15%? Then you can qualify for the Guaranteed Program that requires 115% of AMI.
• Do your earnings fall way below the half mark of the area median? Then, you may qualify for the Direct Program that caters for low income borrowers with 50% of AMI.

Benefits

1. The guarantee status makes your USDA mortgage Missouri devoid of Private Mortgage Insurance (PMI). It also makes the lenders very lenient even in interest rates.
2. You will finance the mortgage100 percent loan-to-value (LTV).
3. You gain the ability to refinance to a lower rate in coming years.
4. You gain entry into a flexible amortization period of 30 years.

Do I use the same Entry Details In Future Applications?

Definitely, you can use the same entry details.  The following are other allowances for second-time USDA mortgage MI applicants:

• No need to pay re-appraisal fees.
• Less paperwork than before.

However, note that you should only apply for a second time when you have transacted your existing property.

When you apply for USDA mortgage MI, we will take you through these simple stages.

1. Pre-qualification (Eligibility).
2. Choose type of loan (either Direct or Guaranteed).
3. Go through home appraisal.
4. Get approval from Rural Development and the lender.
5. Sign the title documents.

It is as simple as that! This is the time then to apply for your first-time buyer or second-time buyer loan. Just know that getting USDA mortgage Missouri is as good a license as settling down in the most attractive levee river neighborhoods in America!

Now is really the best time!
Helpful links for you to review:

USDA Loan

USDA Down Payment Assistance

First Time Home Buyer

USDA Rural Development Loan