Are you from the American Heartland? There is no doubt that you admire those rows upon rows of corn fields surrounding a beautiful homestead. USDA mortgage Iowa is all you need to equally enjoy the lush rural surrounding.
However, you may be one of the first-time and even second-time borrowers who often ask the following questions.
1. How does an RD mortgage differ from the conventional type?
The most essential difference is the fact that there is no down payment. Next to a conventional loan, USDA mortgage IA is almost won on a silver platter. You do not have to remit the 10 or 20 percent money down that is common in conventional mortgages.
2. Will I get assistance to apply for the mortgage?
USDA Loans Direct is always ready to make your application a walk in the park. Just contact us on any day of the business week and the seasoned team of USDA loan specialists will prove why we have never disappointed any client who ever needed our assistance. And when the clear skies look down on the lush corn belt of the state, you will smile along knowing you own a residence you can call your home- thanks to USDA mortgage IA.
3. Outside First-time buyers, can others apply?
Contrary to popular opinion, this is not just a product for the rural low and medium income first time applicants. Second-time applicants can not only refinance their home purchase credit but can go for the new Rural Loan Pilot Program.
4. They say USDA mortgage is for farmers only, is it true?
Not true. Rather, USDA mortgage IA is available to farmers, businessmen and any other persons who meet these particular conditions:
You live in a USDA approved town.
You reside in a rural area as defined by Rural Development
You have met the 29/41 debt/income ratio. This means that your mortgage expenses alone do not exceed 29% of your monthly income. 41% of all debts, including mortgage and credit card expenses should not surpass 41% of your earnings
If you are still unsure whether you are one of those who can apply for USDA mortgage Iowa, just apply and leave the rest to our team.
5. How long does the process last?
If you go through an office application, it may take days to process, but if you use our site, your request goes forward to the Rural Development within minutes.
Benefits of USDA Mortgage Iowa
You can use this mortgage to get a range of perks that accrue mostly to the guaranty status of the program. The main ones include:
You pay no dime in down payment.
You remit no single cent in Private Mortgage Insurance (PMI).
The entire mortgage is 100% LTV.
Your credit score need not be so strong.
You can apply for a new USDA mortgage Iowa after repaying the first successfully.
Helpful links for you to review: