USDA Loan Program
Home Point Financial is pleased to announce that we now have Texas USDA financing. USDA Loans in Texas 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 Texas residents in almost every TX county outside of major metropolitan areas (rural areas in Texas including Angelina County, Borden County, Cass County and others).
Texas USDA Loan Guidelines
Qualification requirements for Texas USDA Loans:
- Monthly Texas 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 Texas.
- Texas 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).
- Texas 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.
Texas families must be able to afford the mortgage payments, including taxes and insurance.
Texas USDA Mortgage Rates
TX USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Texas property being financed, etc. In general, TX USDA rates are better than average compared to other options for qualifying individuals.
Apply for a Texas USDA Loan
Apply now or contact the Texas USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Texas, eligibility and more.
