Pennsylvania (PA) USDA Loan Program
Home Point Financial is pleased to announce that we now have Pennsylvania USDA financing. USDA Loans in Pennsylvania 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 Pennsylvania residents in almost every PA county outside of major metropolitan areas (rural areas in Pennsylvania including Bedford County, Elk County, Jefferson County and others).
Home Loan Requirements
There are a number of requirements to qualify for Pennsylvania USDA Loans:
- Monthly Pennsylvania 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 Pennsylvania.
- Pennsylvania 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).
- Pennsylvania 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.
Pennsylvania families must be able to afford the mortgage payments, including taxes and insurance.
Pennsylvania USDA Mortgage Rates
PA USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Pennsylvania property being financed, etc. In general, PA USDA rates are better than average compared to other options for qualifying individuals.
Pennsylvania USDA Lender
Apply now or contact the Pennsylvania USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Pennsylvania, eligibility and more. Home Point Financial has branches in Allentown, Camp Hill, King of Prussia, and Wyomissing, PA.
