I found this City sign for Coquille Oregan on line today while I was searching for a picture that went along with rural development and USDA mortgages. I do believe a town with a population of 4275 would fit the criteria as long as it is rural or not wedged in between two big cities.
USDA snuck up on us yesterday and released the new income limits for 2012. Click on the income limits link here in my post to go to your state and see what the income limits to qualify for a USDA rural development mortgage are where you live.
For those of us in Utah click on the Utah link. It appears for Utah County with a family of 4 you can make up to $77,200 of household income and still qualify. If your household is 5+ people you can earn up to $101,904 and still qualify for a rural development loan.
As always you can not currently own another home within 100 miles of where you are going to buy, your spouse and childrens income are counted as well for the "household income".
The USDA is going to continue to offer 100% financing to those that fit this criteria in a qualified rural area. This means NO DOWN PAYMENT and with most of the sellers willing to pay closing costs these days this means you can get into a home with almost nothing out of pocket. There is an upfront guarantee fee that goes to USDA to guarantee your loan to the investors. The guarantee fee for purchases in 2012 is still at 2% and can be financed into the loan.
640 is the minimum fico score we require for USDA rural development loans.
See if you qualify apply today at www.applywithstetson.com or call 801-318-4996
