{"id":953,"date":"2022-10-26T11:38:45","date_gmt":"2022-10-26T11:38:45","guid":{"rendered":"https:\/\/www.usdaloanoregon.com\/?page_id=953"},"modified":"2022-10-26T14:37:06","modified_gmt":"2022-10-26T14:37:06","slug":"usda-home-loan-overview","status":"publish","type":"page","link":"https:\/\/www.usdaloanoregon.com\/usda-home-loan-overview\/","title":{"rendered":"USDA Home Loan Overview"},"content":{"rendered":"
\n
\n
\n\n

USDA Rural Home Loan
Overview<\/h2>\n\n\n\n
  • ZERO down payment<\/li>
  • Seller contributions allow for closing costs<\/li>
  • Must be a Residence \u2013 not a Farm<\/li>
  • Very LOW rates \u2013 30 year fixed mortgages<\/li>
  • High Loan Limit of $647,000<\/li>
  • Very Low monthly (annual) Mortgage insurance<\/li>
  • Rural areas are generally those with less than 25,000 or less per capita \u2013 this includes MOST of Oregon and its small towns\/cities.<\/li>
  • Income limits are set per County.\u00a0 The program maximum is $146,800 for a family of 5 in Washington County.<\/li>
  • Credit does not need to be perfect \u2013 but there are minimum credit scores for each Lender. Your credit score can affect how much you will be approved for \u2013 or how much you can spend on the purchase price of a home.<\/li>
  • An appraisal will be required for a Purchase home loan. Plumbing, heating, water, waste disposal and electricity must be adequate for home occupancy. The dwelling must also be free from termites and dry rot.<\/li>
  • Must be primary residence for the buyer \u2013 it is not for investors.<\/li>
  • You do not need to be a first time homebuyer.\u00a0 If you own another residence, the purchase of a second residence would need special approval. USDA typically will only allow a second residence if the other home is inhabitable or commute time to work is much farther than that of the home<\/li><\/ul>\n\n<\/div><\/div><\/div>\n\n
    \n\n
    \"\"<\/figure>\n\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/pages\/953"}],"collection":[{"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/comments?post=953"}],"version-history":[{"count":53,"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/pages\/953\/revisions"}],"predecessor-version":[{"id":1216,"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/pages\/953\/revisions\/1216"}],"wp:attachment":[{"href":"https:\/\/www.usdaloanoregon.com\/wp-json\/wp\/v2\/media?parent=953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}