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