Did You Know That There Are NO USDA Loan Limits?
Welcome back everyone. Sean Stephens here again with Metroplex Mortgage Services & another USDA Loan Pro video quick tip.
Did you know that there are NO USDA loan limits?
Yes, that is correct! There are NO loan limits with the USDA Guaranteed Loan Program.
Today’s video is great for any Realtor or Homebuyer looking to expand their home search and open up a wider range of properties to consider.
Remember that we are known for our USDA experience, so please keep us in mind for your next referral, new scenario, or any file that may just need an expert 2nd opinion.
USDA Loans have NO Loan Limits
Many in the Real Estate community automatically assume that USDA loans are only available for smaller loan sizes, but that is simply not true.
Because USDA loans do not have loan limits, it can be a great alternative to conventional and FHA loans, which both can have potentially larger monthly payments due to higher mortgage insurance costs.
While USDA loans do not have loan size restrictions, they do have healthy income limits based on family household sizes, which were recently increased for the majority of counties. USDA qualifying will be based on the buyer’s ability to repay the loan.
USDA loans can help open up additional property types such as homes located in subdivisions, gated communities, and townhomes, provided they are in a USDA eligible area.
In summary, the USDA loans program offers high flexibility due to the following:
- 100% financing
- Ability to finance closing costs
- More flexible credit guidelines than conventional loans
- And as discussed today – NO Loan Limits!
While many may offer the USDA program, it is important to find out who has the
necessary experience to navigate the USDA loan approval process successfully.
800-806-9836 Ext. 280
Just call or email if you have any USDA qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions
I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!