Texas 100 Percent USDA Rural Housing: Did you know that certain Government backed mortgage programs like USDA Rural Housing offer flexible home financing option for first time home owners in Texas? First time buyers starting out don’t have many options today to purchase a home with NO money down. In fact VA and USDA are the only government loan options that still allow TX buyers to purchase a home with $0 cash down payment. The USDA home loan program offers many advantages buyers just won’t find in an FHA loan or conventional loans. A few of these advantages include:
- 100% financing – That’s right, the USDA mortgage is one of the only remaining mortgage programs in the country that require absolutely no down payment for the purchase of a home.
- Low monthly mortgage insurance, 100% financing.
- No cash savings requirement.
- Texas USDA RD loans program allows for closing costs to be either paid by the seller in full, or permitted to be accumulated or “rolled into” the total amount of the loan if home appraisal is high enough. This allows buyers to need very little money upfront to buy your home.
The USDA 502 Guaranteed loan is available to all home buyers purchasing in eligible locations. The program is not reserved exclusively for first time home buyers. Even better, buyers are not required to take any special class to get approved. Complete a loan application and search for a home all in the same day! Give us a call at 800-743-7556 or just submit the short info request form on this page.
Buyers will need to insure they meet basic lender loan qualification requirements below:
- The property must be located in an area that is designated Rural by the USDA Don’t let the word “rural” discourage you as many suburban locations just outside of Austin, San Antonio, Midland, Lubbock, Amarillo, Beaumont, Fort Worth and Odessa are still approved. Buyers in more populated locations like Dallas and Houston are encouraged to learn more about the FHA Mortgage here.
- 620 credit score required to get approved
- USDA Rural Housing is available for primary home transaction only (no investment properties or second homes)
- Available for first time buyers or seasoned home buyers (Buyer cannot own another home at time of purchase)
- Buyer income is limited to a maximum of 115% of the median income Please contact us for the latest USDA income limits in Texas
- W2 income or self-employed is allowed (income and employment must be fully documented)
- Gifts for closing costs or down payment (if desired) is permitted
- The home purchase price including upfront USDA Guarantee Fee can be financed into the loan
- Seller or lender can contribute up to 6% of the sales price toward the home buyers USDA closing costs
- Single family homes only (no mobile or manufactured housing)
- Safe 30 year fixed interest rate
USDA Mortgage Source serves home buyers in all 50 states. Contact us today to learn more about 100% financing options available. Ph: 800-743-7556
Serving: Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, Arlington, Corpus Christi, Plano, Laredo, Lubbock, Garland, Irving, Amarillo, Brownsville
What towns or counties have eligible homes which are near east Dallas?
REALTORS do not often put USDA eligibility in their listings so it is difficult to search the MLS to find these homes for sale.
You can find the USDA property map here
Just input the address and zip code, leave out the city and state.