No Money Down Home Loans
As long as you live in Oklahoma and are looking to purchase a home in the near future you might be eligible for one of the best home loan programs in the country. The USDA loan program currently offers low interest, 30 year fixed rate mortgages with absolutely low mortgage insurance and absolutely no down payment. Instead of the 10%, 20% to even 30% down payment needed to purchase a home in today’s housing market, you can now purchase a USDA home in the great state of Oklahoma with little to no money upfront. The only real upfront costs associated with USDA home loans are a 2% funding fee, and closing costs, which both can be worked into the overall principle of the loan.
What Are USDA Home Loans?
The USDA home loan program was designed to help moderate to low income individuals purchase homes in rural areas. For many individuals and families with low income, it can be difficult to even impossible to save up all the necessary costs associated with purchasing a home. But as long as you live in Oklahoma and can afford monthly mortgage payments you may be eligible to receive a 100% financed USDA home loan. USDA home loans also have looser credit restrictions than most traditional mortgage programs, which means that if you have average credit but are working hard to restore your credit rating, you may still be eligible for a USDA home loan.
Oklahoma USDA Home Loan Property Eligibility
To be eligible for an USDA home loans in Oklahoma, you must first meet certain financial and property requirements in order to qualify. First of all, to qualify for a USDA home loan the property you’re choosing to buy must be located in a USDA eligible rural area. USDA eligible rural areas are defined as any area that is rural in nature, or has less than 25,000 residents. However, what many people don’t realize is that there are tons of great USDA eligible properties, especially around Oklahoma City and Tulsa that are eligible. Whether you want to live out in the country, or in a small community outside of a major Oklahoma city, there’s a good chance your property will be USDA eligible. For more information on USDA eligible communities please go to the USDA eligibility website.
Financial Requirements
Besides the property requirements listed above, you will need to meet certain financial requirements in order to qualify. Because USDA home loans are designed for low to moderate income families, there are specific income limits in place to ensure that this program is only being used for those who need it. To qualify for a USDA home loan an applicant must not have a total household income that is above 115% of the median household income for that area. If your total household income is well above this median income limit, you will not be able to qualify. You must also be able to afford to make monthly mortgage payments on time every month, and have enough income left over for utilities, insurance and any previous debt that you may already have. For more information on whether you qualify for a USDA home loan please contact your trusted USDA home loan representative.
