A mortgage lender in Santa Clarita describes the features of, end eligibility requirements for, a USDA loan for prospective home-owners.
Officials with American Family Funding, a Santa Clarita mortgage lender, described USDA home loans as requiring “no money down.”
With “100 percent financing to qualified buyers,” officials from the mortgage lender in Santa Clarita describe the USDA home loan as offering some of the “lowest rates of any loan,” stating that filers “always have a fixed interest rate” under this type of home loan.
As such, USDA home loans may be especially appealing to families who have not saved a large deposit, which may be required by other types of home loans.
According to American Family Funding officials, lenders use three determining factors when considering applicants for USDA loans.
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The first of these three factors is the filer’s credit. It is necessary for applicants to have sufficiently good credit to qualify for a USDA loan.
“When an underwriter reviews your credit history on a USDA loan, the principal thing they will be looking for is a history of paying your bills in a timely fashion,” officials from the mortgage lender in Santa Clarita said.
Although a good credit history is important, officials with American Family Funding said that “as long as you have re-established your credit over the past 12 months,” lenders may overlook credit blemishes from before that period. However, officials recommended that open collections or judgements be closed “before you close on your new home.”
The next factor in determining eligibility for USDA loans is an applicant’s income history.
“USDA will generally want to see a two-year history of employment or consistent income,” unless an applicant belongs to certain exempt populations, such as college students, American Family Funding officials said.
Finally, those wishing to receive a USDA home loan must choose a home in certain designated locations to be eligible.
“The goal of the USDA loan program is to help our nation’s small, rural communities thrive by making land and property more affordable,” officials from the mortgage company in Santa Clarita said.
This doesn’t mean that homes in all populous areas are unavailable for USDA home loan financing.
In fact, American Family Funding officials stated that “it might surprise you just how many areas of the United States do qualify for these no-money-down home loans.”
Santa Clarita residents who wish to check their eligibility for USDA or other types of home loans can use American Family Funding’s online services to further explore their options.
“You not only have access to the best loans available in the marketplace,” officials from the mortgage lender in Santa Clarita explained, “you can also review loan alternatives and even apply for your loan at your convenience online – 24 hours a day, seven days a week.”
Interested parties can find out more by visiting the American Family Funding website or by calling directly at (661) 284-1150.
Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.