USDA mortgage Rhode Island is indeed guaranteed to deliver your first home without any money down or Private Mortgage Insurance (PMI) and with relaxed credit score requirements. With your leading loan experts, USDA Loans Direct in your tracks, you will never fail to pass the test of owning your very first residence in this New England setting. Here are some facts about other conventional requirements not applicable in this program.
You Require No Bank Statement
You can still qualify for USDA mortgage RI without having an active bank account. This is because lenders need no deposits since the government guarantees their funds. This is why you pay only a negligible Guarantee Fee of 2%.
Another expectation of USDA mortgage Rhode Island is an employment record that has been steady for the past 24 months. This ensures that even if you do not have a bank statement, you still have funds to repay the loan.
Bankruptcy and Foreclosure Stipulations
USDA Loans Direct recommends that you ensure that your domestic financial situation is strong enough to sustain the housing costs. This will stand for lack of banking documents in the eyes of lenders. Particularly if you have had bankruptcy or foreclosure, the two should have undergone settlement within the past two years.
Benefits of USDA mortgage Rhode Island
- Flexible maturity period of 30 years at a permanent rate. This means that interest will never increase.
- Ability to refinance to a lower rate through the Rural Loan Pilot Program.
- Some of your closing costs will go to the seller. We can assist to have the retailer settle up to 6% of the closing costs.
- No out-of-pocket costs. Virtually all fees, including the Guarantee Fee can be transferred to the principal.
If you have a heart for a place to call your own home in New England, then this is the best time to apply.
- We will determine your eligibility.
- Find a lending partner from our certified list.
- Use an appraisal form to attach value to your home.
- Await approval from the United States Department of Agriculture.
A Few Changes Worth Knowing About Rhode Island
Some towns that could have passed the USDA mortgage RI test as ‘rural’ in the 1990s have now cracked the 20000 limit of population, which may soon render them ineligible. These include:
- Smithfield &
- North Kingstown, among others.
Luckily enough, many areas of the state have fully or partially eligible jurisdictions for USDA mortgage Rhode Island. The Area Median Income is $73600 on average for most counties. This is the time to make that important mark in your life, by applying for a home purchase program that demands no cash reserves.
Helpful links for you to review: