So you come from Chesapeake but you are not able to access conventional mortgages? You need to try USDA mortgage Virginia, which is also available for the Virginia-Beach area where the famous bay is located. Nearly all counties in this East Coast state come with diverse area median income caps.
AMI Differences in Your State
One of the strongest manifestations of USDA mortgage VA is the different county limits that you can apply for. Here is a look at a few:
- If you live in Appomattox, you will only require 115% of the $73600 AMI.
- If you have an eye for a high-cost county like Arlington, you can get a single-family home of $92000.
Qualify With Higher Debt-to-Income Margin
Applying with USDA Loans Direct increases your chances of qualifying at greater income limits than other states. Here are just a few examples:
- Those in high-cost counties going for a $92000 single-family unit can apply for a more expensive product than their low-cost county’s counterparts.
- It is also possible for those in the low-income bracket to qualify with the conventional 29/41% ratio, meaning housing expenses should be below 29% of your income while all debts should not surpass 41% of your income.
Can I Borrow More Funds?
Indeed, this government financing scheme does not impose any financing limits. As long as you have passed the debt-to-income pre-qualification stage and do not surpass your area median, you can borrow more funds. There are two important facts about the financing aspect of USDA mortgage VA that you should take into account:
- You will pay a Guarantee Fee of 2%.
- The Loan to Value percentage is 100 percent, but with the above fee, it comes to an affordable 102 percent.
Which are The Unique Loan Exceptions?
One of the most attractive premises of USDA mortgage Virginia is that it does not impose traditional rates such as:
- Down payment.
- Private Mortgage Insurance.
- Hefty monthly premiums.
Besides, you can repay at your own pace. The flexible loan term gives you the ability to finance for a period of 30 years, at the most competitive rates in the market.
Make Your Application
‘Have I passed the income barrier?’, ‘Is my AMI within my reach?’ ‘Can I apply for more?’ Maybe you are dealing with similar concerns. Count on your friendly partner, USDA Loans Direct, to help you. This is why:
- USDA mortgage VA offers the Direct Program for those with only 50% of AMI.
- The Guaranteed Program affords low-to-medium income applicants a chance for the loan.
- Lenders are ready to offer you the mortgage as long as you have shown ability to repay.
Make the best deal of the next thirty years by applying for USDA mortgage Virginia today. It just takes a few minutes to submit your details online, awaiting RD approval.
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