Pennsylvania Mortgage News: 100% USDA Mortgage in Blair County, Pennsylvania

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100% USDA Mortgage in Blair County, Pennsylvania

Looking to buy a home in Blair County, Pennsylvania?

You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage, also known as a Pennsylvania USDA Rural Development Loan.

 Here's Why... 

USDA home loans offer a few benefits that other mortgage programs cannot match: including no down payment and financed closing cost. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.

USDA is the only mortgage program that allows for all closing costs to be financed into the loan amount on a home purchase.  Interest rates for USDA mortgages are comparable and often lower than the low fixed rates of Conventional, FHA and VA financing.

The USDA Mortgage program does have restrictions when it comes to location and income, so a quick check on this key qualifying criteria should be done first. USDA Mortgage Blair County Pennsylvania

        Blair County USDA Mortgage

       

            Benefits of the USDA Mortgage Program

  • True 100% no money down financing.
  • The ability to finance in your closing costs (if the appraised value supports the loan amt)
  • The seller may contribute up to 6% of the purchase price towards your closing costs
  • Low fixed interest rates.
  • More flexible credit qualifying guidelines with minimum 620 credit score
  • Often available for properties in towns and suburbs too

 

Altoona Mortgage

 

What areas of Blair County are eligible for USDA Financing?

Geographically, the majority of Blair County is located in a USDA Eligible area.   As expected, the area of Blair County that is not eligible for USDA financing can be found in the populated section along Pleasant Valley Boulevard and Interstate 99 that includes most of Altoona and sections of Hollidaysburg and Duncansville.  Some areas on the outskirts of these three areas are still eligible. For instance, the area becomes USDA eligible again over near the Penn State Altoona campus and heading away from Altoona near Greenwood.  The area also becomes USDA eligible again shortly south of Route 22 and west of Route 764.

USDA Eligible Areas in Blair County include...Hollidaysburg Mortgage

  • Altoona (outskirts only)
  • Bellwood
  • Claysburg
  • Duncansville (partial)
  • East Freedom
  • Foot of TenTyrone Mortgage
  • Grazierville
  • Greenwood
  • Hollidaysburg (partial)
  • Martinsburg
  • Newry
  • Northwood
  • Pinecroft
  • Roaring Spring
  • Tipton
  • Tyrone
  • Williamsburg
  • Wopsononock
  • any obvious rural areas

 Tipton Mortgage

As always, if you want to find out if a specific property is eligible for a USDA Mortgage in Blair County, simply type in the address on the USDA Eligibility Map below....

USDA Mortgage Eligibilty Map

 

What are the USDA Mortgage Income Limits for Blair County? 

Household Size:                                1-4 Family Members           5 or more Family Members

Maximum Adjusted Income                     $75,350                             $99,450

If at first glance, it appears your household income exceeds the above limits, it is worth checking the USDA Income Calculator on the USDA website (link below).  The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines.   Martinsburg Mortgage

USDA Income Eligibility Worksheet

 

Ok, the Property is in a USDA Eligible Area and your Household Income is within the USDA Income Limits, now what?

Like all mortgages, USDA Mortgages do require an applicant to qualify based on recent credit history.  USDA credit requirements are some of the most flexible of any mortgage program available.  More detailed information about USDA Mortgage Credit Requirements can be found with the link below...

USDA Credit Requirements

 

For buyers looking to purchase a home in Blair County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.

 

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Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania.  He can be reached directly at 412-567-6560 at klandis@keystonehomefinance.com 

NMLS # 137243 

Keystone Home Finance LLC - NMLS# 834342

 

www.KeystoneHomeFinance.com

 

read about USDA Mortgages in Pennsylvania at...

 

www.pennsylvaniaUSDAmortgage.com

 

Comment balloon 0 commentsKeith Landis • December 06 2011 12:04PM

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