USDA New Construction Reminders for Thanksgiving Weekend!
First off, the team at Metroplex Mortgage Services would like to wish everyone a Happy Thanksgiving!
I hope that you are enjoying this time with friends and family, but with all of the excitement about our new USDA No Down Payment Construction Loan Program, I also wanted to extend three quick reminders for USDA qualifying advantages that apply to both existing and new construction properties.
I. Do USDA Loans have Acreage Limits?
This is a great question and one that we commonly receive, and thankfully in this short video I have good news to share and am able to break down the guidelines step-by-step:
II. Is there a maximum sales price for a USDA loan?
USDA loans do not have either a maximum loan amount or sales price, and because of this advantage USDA loans can provide a great alternative when compared to Conventional or FHA loans, which can both carry potentially larger monthly payments due to higher mortgage insurance costs along with increased out-of-pocket costs due to the down payment requirements.
USDA Loans have NO Loan Limits!
III. How high are USDA Income Limits?
Don’t forget that USDA loans have healthy income limits based on family household size and because USDA income limits were just recently increased, that means that the USDA program is now able to reach and help qualify even more families.
Again, we hope everyone has a safe and relaxing Thanksgiving weekend, and we can’t wait to see you right here for the next USDA Tip of the Week!!
Remember, not all lenders have experience with processing and closing USDA loans. As an approved USDA lender, we are known for our program expertise and have specific systems in place to process USDA loans from pre-qualification to closing.