Delaware (DE) USDA Loans
Delaware USDA Loans are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Delaware residents in almost every DE county outside of metropolitan areas (rural areas in Delaware including Kent County, Sussex County, Marion County and others).
USDA Loan Requirements and Guidelines (Delaware)
What are the requirements to get a USDA Loans in Delware?
- Monthly Delaware housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Delaware.
- Delaware borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Delaware property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Delaware families must be able to afford the mortgage payments, including taxes and insurance.
Mortgage Rates
DE USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Delaware property being financed, etc. In general, DE USDA rates are better than average compared to other options for qualifying individuals.
Apply for Your USDA Loan
Apply now or contact the Delaware USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Delaware, eligibility and more.
