Living on a southerly direction of the spectacular Rocky Mountains is reason enough to apply for a home purchase loan via USDA Loans Direct. We are here to make your USDA mortgage Colorado a walk in the park.
With no down payment and no Private Mortgage Insurance, the USDA mortgage vaunts an unbeaten reputation among government programs which we are willing to help you attain with ease. There are a few eligibility essentials that you need to know before going ahead. These include:
Debt to Income Ratio
USDA mortgage CO requires applicants to check their solvency details. This is what will show which loan amount they can access. The following are the major items to look out for:
You ought to meet the 29/41 debt-versus-earnings threshold, as follows:
- Housing expenses alone must not exceed 29% of your income.
- All debts including housing costs, credit card and other domestic expenses should not exceed 41% of your monthly income.
Count on USDA Loans Direct specialists to evaluate your details to determine the cost of the property that you qualify for as per the above criteria.
Eligibility by Income Level
USDA Loans Direct recommends a careful review of your Area Median Income (AMI) maximum before you even start to apply. There are usually two limits, one for a four-member household and the other for up-to eight-member families. Note further that the level of your earnings enables you to choose any of the following two subprograms on the USDA mortgage Colorado dispensation:
- Direct Loan Program. This is for the extremely low earnings’ group which qualifies with as little as between 50 and 80% of county AMI.
- Guaranteed Program. This is the more famous of the two, for the low-to-medium income earnings group that meets 115% of the county’s AMI.
Can I Apply If Am In an Urban Area?
Indeed, place is one of the universal eligibility criteria for qualifying for USDA mortgage CO. Your place of residence must be rural or non-metro and must meet the following preconditions:
- A place that Rural Development (RD) designates as rural.
- A non-metro area of no more than 25000 residents.
- Its area mean income level meets the low-to-moderate earnings’ bracket. United States Department of Agriculture considers counties whose borrowers have an income of 115% of Area Income Median. Exceptions include high-cost rural counties and very low income areas that can borrow with 50% of Area Median Income.
When you apply via USDA Loans Direct, you will not have to go through the struggle of identifying whether you qualify for USDA mortgage Colorado. We will do that for you!
Is There A Guaranty?
Sure, this government program is popular because it comes with a powerful guaranty agency in the name of the Federal Authority (FA). This is why lenders are willing to waive aside Private Mortgage Insurance and the need for down payment. However, you will have to remit a 2 percent Guarantee Fee, which you can roll into the principal of your USDA mortgage CO.
This is The Best Moment To Apply
Take advantage of the consistent rates to either apply directly at our site or refinance your existing plan. This will insure you against future changes in the market like the recent housing bubble that many had not anticipated.
Be sure to submit your application via USDALoansDirect.com today. Here
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