It is a little known fact that the USDA (US Department of Agriculture) offers financing for home purchases. The mortgages can be used for properties in designated rural regions and have desirable terms and options. This article offers Melrose MA USDA home loan options.
Melrose MA USDA Home Loan Options
USDA Loan Benefits
- The loan can be offered by local designated mortgage companies.
- Homes may be financed more than 100% of the market value.
- It can be used to buy a new property or refinance an existing one.
- The loan is not just for farmers. It can be used on typical residential homes in rural or semi-rural areas.
- The mortgage applies to single family and multi-family real estate.
- It may be possible to roll in the expense of specific appliances.
Approved Counties
USDA compiles a list of areas in which USDA financing can be used. Buyers are normally surprised to see specific towns on the list as some are not as rural as anticipated. To look up eligibility for Melrose MA and nearby areas, visit the USDA Home Loan website and click on either single family or multi-family in the Property Eligibility menu in the left hand side. You must enter a state and zip code to see a color coded map.
Loan Qualification
The process for USDA loans is almost the same as FHA. Buyers must have good credit, verifiable income, and the ability to repay the financed amount. Income limits vary by state, county, and number of members in your household. Ask a USDA mortgage broker about processing time frames to ensure that you allow sufficient time before closing.
Resources to Assist with the USDA Process
Choose a knowledgeable local lender that is approved to offer USDA loans. Your real estate broker may be able to refer a lender. Obtain a pre-approval early and ask about the requirements and options prior to making an offer on real estate. Contact John Martino at Martino Law Group for additional assistance.