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

July 8th, 2021 7:41 AM by Nathan Rufty

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 loan benefits in Provo, Utah:

  • 0 Down Payment
  • Low Interest Rates
  • Low Monthly Mortgage Insurance
  • Flexible Credit Guidelines

Applicants in Provo, Utah must:

  • 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

Properties in Provo, Utah financed with direct loan funds must:

  • 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 
  • Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling. 
  • Applicants must meet income eligibility for a direct loan. 

What is an eligible area in Provo, Utah? 

Generally, rural areas with a population less than 35,000 are eligible. 

USDA Home Loan in Provo, Utah funds usage?

Loan funds may be used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate, or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. 

How much may I borrow?

The maximum loan amount an applicant may qualify for will depend on the applicant’s repayment ability. The applicant’s ability to repay a loan considers various factors such as income, debts, assets, and the amount of payment assistance applicants may be eligible to receive. Regardless of repayment ability, applicants may never borrow more than the area loan limit (plus certain costs allowed to be financed) for the county in which the property is located.

To get qualified for a USDA home loans in Provo, Utah please contact Nathan Rufty at 909-503-5600.

Posted by Nathan Rufty on July 8th, 2021 7:41 AM



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