USDA Loans are truly commendable when you consider the great deals on home loans that are offered by it. USDA Loans in West Virginia comes with the lowest interest and mortgage rates and also is the only home loan program that requires no down payment. The USDA provides low cost home loans that suits a variety of purposes, like, it can be used to buy a new home with no down payment, to repair an old home, or may be used to build a new home from beginning.
What are USDA Loans in West Virginia?
The United States Department of Agriculture – USDA not only takes care of grading beef and providing farm subsidiaries in the US but also plays a significant role in the mortgage market of the US. It provides low interest and 1005 guaranteed home loans in the USDA designated areas. The main aim of USDA is to push the economic growth in West Virginia by spurring home ownership in the USDA designated areas. Apart from helping the rural communities y assisting them in buying homes, USDA also offers great opportunities to those who are looking for great deals on rural home loans.
Who is Eligible for a West Virginia USDA Loan?
If you reside in West Virginia and belong to middle to low income bracket, with a decent credit history, then you may qualify for USDA loans in West Virginia. The eligibility criteria for USDA loans are based on parameters like, current income, country’s zip code, credit history. Since, the USDA Loans have been designed for moderate to low income individuals; there is a maximum income limit for each specific USDA eligible country.
In order to qualify for USDA loans in West Virginia your annual income should be less than 115 % of the average median income for that area. You must also have an average credit score of at least 640 in order to qualify for USDA Loans. A consistent steady income is also required and you should not have any unsettled foreclosures or bankruptcies in the past 3 years. Most importantly to get USDA Loans in West Virginia is that the home under consideration, should be located in the USDA designated area. The USDA designated areas may vary from country to country but is usually located outside a major city with less than 20,000 residents.
If you are interested in getting USDA Loans in West Virginia, please contact a USDA representative for more information.
