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How Homebuyers Obtain USDA Loans in Colorado

Posted in: USDA / Rural Housing
By Taylor Mortgage Group

Taylor Mortgage Group wants all potential home buyers to be aware of the opportunity to obtain Colorado mortgage loans from the United States Department of Agriculture or USDA.  Its Rural Development program offers USDA home loans for real estate purchases in small cities and rural areas throughout Colorado and the nation.

USDA loan program offers home buyers financial resources when they purchase Colorado homes or properties.  Using USDA mortgages, borrowers find relief from needing to ask family and friends to pay closing costs and other unexpected fees.

Certain restrictions are important considerations to determine which properties and home buyers may qualify for USDA home loans in Colorado.

Property restrictions

  • The home needs to meet state and local home-standard requirements to qualify for the USDA home loan products.  For example, the foundation and framing must be solid.
  • The property must be located in a rural area.  For the purposes of the USDA loan, the home may be in an open country area or in a city with a population under 10,000 residents.  On occasion, the local USDA Rural Development field officers are able to make exceptions in cities with populations under 25,000 residents.
  • For new construction the builder must provide a certificate of occupancy and a one-year guarantee on the home.
  • Inspections are required for older homes as well as homes that are less than a year old.
Borrower parameters
  • The borrower must be a citizen of the United States, a non-citizen National, or qualified Alien.
  • The borrower may not own a home within commuting distance of the property and must live in the USDA-financed home on a permanent basis.
Financial limitations
  • Each borrower must be unable to qualify for a traditional home loan, for example must not have enough in their account for the required 20-percent down payment.
  • USDA home loans require satisfactory credit history, payment history, and maximum 41 percent debt-to-income ratio.
  • Total amount of loan payment, taxes, and insurance may not exceed 29 percent of gross monthly income of the household.
  • Income restrictions apply in certain geographic locations.  The income strength of the entire household - all persons who will be living in the home - may also be factored in to the qualifications of an applicant.
For more information about creative financing, USDA mortgages, construction loans, reverse mortgages, and other helpful home loans, please visit www.creativemortgagefunding.com or call Taylor Mortgage Group LLC at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.

   

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Taylor Mortgage Group, LLC

Phone
303-884-9393
Fax
 
720-306-3813

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CO  License:  100013875
NMLS: 385946
Regulated by the Colorado Dept. of Regulatory Agency



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