Home Point Financial is pleased to announce that we now have New Mexico USDA financing. USDA Loans in New Mexico are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to New Mexico residents in almost every NM county outside of major metropolitan areas (rural areas in New Mexico including [LIST a few relevant counties].
USDA Loan Requirements and Guidelines (New Mexico)
There are a number of requirements to quality for New Mexico USDA Loans:
- Monthly New Mexico 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 New Mexico.
- New Mexico 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).
- New Mexico 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.
New Mexico families must be able to afford the mortgage payments, including taxes and insurance.
New Mexico USDA Mortgage Rates
NM USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, New Mexico property being financed, etc. In general, NM USDA rates are better than average compared to other options for qualifying individuals.
New Mexico USDA Lender
Apply now or contact the New Mexico USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in New Mexico, eligibility and more.