Using a 100% USDA mortgage is a great way to finance the purchase of your next home in Washington County. These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table. Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing.
USDA mortgages are available for areas that meet USDA population limits. Certain areas of Washington County are ineligible including : the city limits of Washington, PA, the areas around the Route 19 corridor from Canonsburg up to the Allegheny County line and most of Peters Township. The rest of Washington County is eligible for Single Family Home Financing under the USDA program. Many homes that may be considered in populated areas are surprisingly eligible, so it is always a good idea to check the USDA zoning map to double check.
The USDA Eligibility Map can be found here...
Benefits of a USDA Rural Development loan include:
- True 100% no money down financing.
- The ability to finance in your closing costs (if the appraised value supports the loan amount)
- The seller may contribute up to 6% of the purchase price towards your closing costs
- No Mortgage Insurance
- Low interest rates.
- More flexible qualifying guidelines with minimum 620 credit score
USDA mortgages do have maximum income restrictions so click here to check on those...
Using a 100% USDA mortgage is a great way to finance the purchase of your next home in Washington County. If you need more information about this popular product, feel free to call....
Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania. He can be reached directly at 412-567-6560 at firstname.lastname@example.org
NMLS # 137243
Keystone Home Finance LLC - NMLS# 834342