If you reside in Montana and plan to buy a house but unable to do the same owing to financial constrains? Then, you must learn more about USDA Mortgages in Montana as it has a lot to offer in terms of home loans. USDA Loan programs comes with attractive offers like, very low interest rates with no down payment. In fact, USDA home loans are one of the few remaining that do not require a hefty down payment to buy a home.
USDA Mortgages in Montana have less stringent credit requirements and comes with 100% financing with no maximum loan amount.
What Are USDA Mortgages in Montana?
USDA Mortgage program in Montana has been created to improve the rural economies by promoting home ownership and entrepreneurship in economically backward economies. The main aim of this loan program is to offer affordable home loans to encourage people to invest in homes that falls under the USDA jurisdiction. These loan schemes provides an unique opportunity for potential buyers to buy homes at really reasonable prices along with offering a great deal on rural home loans.
Montana USDA Mortgage – Are you eligible?
These mortgage programs have been specially created for medium to low income groups and you must belong to the same income bracket, in order to be eligible to get the loan. Also, you need to be a resident of Montana and must have a decent credit history.
Your annual income should be less than 115% of the median income of the Montana area. You should have an average credit score of at least 640. The person desiring USDA loans should have no unsettled foreclosures or bankruptcies in the past 3 years.
Lastly, the home to be bought should be located in the USDA designated area. An USDA rural area may differ from location to location but is usually falls at the outskirts of a major city and has less than 20,000 residents.
If you are interested in USDA Montana Mortgage program, then, call your nearest USDA representative today!
