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