Pennsylvania USDA Home Loan Program
If you live in the great state of Pennsylvania and are looking for a deal on an affordable home loan, you may be interested to hear about the no money down Pennsylvania USDA home loan program. USDA Home Loans in Pennsylvania are very unique in the fact that it is one of the only home loan programs in the country that offers 100% financing and absolutely no down payment. The only other mortgage program that even comes close to the USDA home loan program in terms of cost saving benefits is the VA home loan program, which is only eligible for military veterans. And one of the best parts about Pennsylvania USDA loans is that it is only eligible for middle to low income households or individuals who may be struggling to afford all the costs associated with buying a home.
Buying a Home in Today’s Market
While home prices have been on a steady decline ever since the mortgage meltdown a few years ago, many argue that it has never been more difficult to purchase a house than it is today. Ever since the mortgage meltdown in 2007 and 2008, lenders are less willing to take on large risks when it comes to expensive home loans. To get a mortgage in today’s housing market not only do you need excellent credit, but you will need to make a substantial down payment, sometimes up to 20-30%. To a family on a fixed income, saving up $20,000 – $30,000 for a down payment is not only difficult, it can be near impossible.
Zero Money Down
For families who can afford monthly mortgage payments, but don’t have substantial cash reserves saved up in order to pay a considerable down payment, a USDA home loan may be a perfect option. Because Pennsylvania USDA home loans are specifically designed to help middle to low income families secure cost saving home loans, the USDA home loan program does not require a down payment. This means that as long as you’re approved for a USDA home loan you can basically purchase and move into the Pennsylvania home of your dreams with little to no money down. The only major upfront costs associated with USDA home loans are an upfront funding fee of 2% and closing costs, which both can be worked into the overall amount of the loan.
Pennsylvania USDA Home Loan Eligibility
In order to qualify for a Pennsylvania USDA home loan the property you’re choosing to buy must be located in a USDA eligible rural area. However, USDA home loans are not limited to rural areas only. As long as the community has less than 25,000 residents it may be USDA eligible. There are actually tons of small suburban communities near Allentown and Pittsburgh that have tons of great USDA eligible homes. For more information on Pennsylvania USDA home loans please contact a Pennsylvania USDA home loan representative.
To get started on your USDA home loan application for Pennsylvania, fill out the form at the top of the page.
