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