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