Owning a home is part of the all-American dream, but the ability to purchase a home can be difficult for many. The USDA Home Loan program is available for acquiring a home, if the applicant is able to consider purchasing a home in a rural area.
The first requirement of acquiring a USDA Home Loan is of course income. The applicant must have adequate and dependable income, but the income must not exceed the moderate income limit set for the area. The applicant must also have repayment ability based on the following ratios: Principle, Interest, Taxes, and Insurance divided by gross monthly income, which must be equal to or less than 29 percent. Total debt divided by gross monthly income must be equal to, or less than, 41 percent.
Several years ago I met a gal who was able to acquire a mortgage, by using the USDA home loan program, but I had forgotten about it until today when I learned that one of my relatives was approved by the USDA Home Loan program. So, I thought it would be good to share this information here on Money Illusions. I hope this may be of help to you, or someone you know who would like to own part of the American dream.
To determine if you meet the basic eligibility requirements, head on over to the USDA Home Loan site.