USDA Loan Options from Home Point Financial
Home Point Financial is pleased to announce that we now have Minnesota USDA financing. USDA Loans in Minnesota 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 Minnesota residents in almost every MN county outside of major metropolitan areas (rural areas in Minnesota including Becker County, Faribault County, Kittson County and others).
What are the USDA Requirements?
There are a number of requirements to qualify for Minnesota USDA Loans:
- Monthly Minnesota 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 Minnesota.
- Minnesota 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).
- Minnesota 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.
Minnesota families must be able to afford the mortgage payments, including taxes and insurance.
Minnesota USDA Mortgage Rates
MN USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Minnesota property being financed, etc. In general, MN USDA rates are better than average compared to other options for qualifying individuals.
Contact a USDA Mortgage Company
Apply now or contact the Minnesota USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Minnesota, eligibility and more.
