USDA Loans – Home Point Financial
Home Point Financial is pleased to announce that we now have Maryland USDA financing. USDA Loans in Maryland are intended to provide lower-income homeowners with 100% financing (no down payment). United States Department of Agriculture loans, once known as farm loans, are now available to Maryland residents in almost every MD county outside of major metropolitan areas (rural areas in Maryland including Caroline County, Garrett County, Kent County and others).
USDA Loan Requirements and Guidelines (Maryland)
There are a number of requirements to qualify for Maryland USDA Loans:
- Monthly Maryland 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 Maryland.
- Maryland 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).
- Maryland 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.
Maryland families must be able to afford the mortgage payments, including taxes and insurance.
Maryland USDA Rates
MD USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Maryland property being financed, etc. In general, MD USDA rates are better than average compared to other options for qualifying individuals.
Apply for a USDA Loan
Apply now or contact the Maryland USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Maryland, eligibility and more.
