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USDA home loans in Ogden, Utah, who does them - Canopy Mortgage

June 16th, 2021 8:19 AM by Nathan Rufty

USDA home loans in Ogden, Utah Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe, and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. 

Who may apply for this program? A number of factors are considered when determining an applicant’s eligibility for Single Family Direct Home Loans. At a minimum, applicants interested in obtaining a direct loan must have an adjusted income that is at or below the applicable low-income limit for the area where they wish to buy a house and they must demonstrate a willingness and ability to repay debt. 

USDA home loans in Ogden, Utah benefits:

  • No Down Payment
  • Competitive Interest Rates
  • Low Monthly Mortgage Insurance
  • Flexible Credit Guidelines
  • Millions are Eligible
  • Ability to Use if You Already Own a Home
  • Favorable Loan Terms

USDA home loans in Ogden, Utah applicants requirements:

  • Be without decent, safe, and sanitary housing.
  • Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
  • Agree to occupy the property as your primary residence.
  • Have the legal capacity to incur a loan obligation.
  • Meet citizenship or eligible noncitizen requirements.
  • Not be suspended or debarred from participation in federal programs.

USDA home loans in Ogden, Utah property requirements:

  • Be modest in size for the area.
  • Not have market value in excess of the applicable area loan limit.
  • Not have in-ground swimming pools.
  • Not be designed for income producing activities.

USDA Home loan VS Conventional Home Loan

Compared to other loan programs, USDA mortgage rates are some of the lowest available. USDA rates are typically only matched by the VA loan, which is exclusively for veterans. These two programs — USDA and VA — can offer below-market interest rates because their government guarantee protects lenders against loss.  Other mortgage programs, like the FHA loan and conventional loan, can have rates around 0.5%-0.75% higher than USDA rates on average. 

That said, mortgage rates are personal. Getting a USDA loan doesn’t necessarily mean your rate will be “below-market” or match USDA loan rates advertised. To get the lowest possible rate and monthly payments, you need an excellent credit score and low debts. Making a bigger down payment helps, too.

You also need to shop around with a few different USDA mortgage lenders. Each USDA lender sets rates differently — so comparing personalized rates from more than one company is the only way to find your lowest option.

To get qualified for your next USDA home loans in Ogden, Utah, Call Nathan Rufty at 909-503-5600.

Posted by Nathan Rufty on June 16th, 2021 8:19 AM



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