District of Columbia (DC) USDA Loans
Home Point Financial is pleased to announce that we now have District of Columbia USDA financing. USDA Loans in District of Columbia 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 some District of Columbia residents.
USDA Loan Requirements and Guidelines (District of Columbia)
There are a number of requirements to qualify for District of Columbia USDA Loans:
- Monthly District of Columbia 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 District of Columbia.
- District of Columbia 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).
- District of Columbia 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.
District of Columbia families must be able to afford the mortgage payments, including taxes and insurance.
District of Columbia USDA Mortgage Rates
DC USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, District of Columbia property being financed, etc. In general, DC USDA rates are better than average compared to other options for qualifying individuals.
District of Columbia USDA Lender
Apply now or contact the District of Columbia USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in District of Columbia, eligibility and more.
