When shopping for a home near Zanesville, it might not occur to you to consider a “rural” housing loan. But the USDA mortgage program is available in Ohio, and may be just the lending product you need to save on a new home.
What is a USDA Loan?
USDA home loans are insured by the US Department of Agriculture (USDA). The program is income-based, and requires that you purchase a home in a “rural” location. But what many homebuyers do not realize is that both the income limits and the definition of a “rural” area according to the USDA are quite flexible.
This means that many opportunities exist to buy a home with an affordable USDA mortgage in Ohio.
Ohio USDA Mortgage Benefits
Why apply for a USDA mortgage in OH? Here are some of the incentives:
- You may have a zero down payment requirement.
- The USDA does not cap the size of the house you purchase, so long as it is not much larger than most other homes in the same area.
- You can qualify for competitive mortgage rates with a USDA loan even if your credit score and DTI ratio are not ideal.
- While a USDA mortgage requires that you pay for mortgage insurance, it comes with a discount.
- In some scenarios, the seller may cover some of the closing costs.
With a USDA-insured mortgage, you can buy, build or repair a home, or purchase a vacant lot.
Qualifying for a USDA Home Loan in Ohio
Do you qualify to buy a home in Zanesville, OH with a USDA mortgage? These are the basic criteria:
- There are income requirements to qualify for USDA loans. When you call us for your consultation, we can check to see whether you come in under these income caps.
- The address of the home you wish to purchase must be located in a “rural zone” according to the USDA. We can also look this up for you during your consultation.
- You can only apply for a USDA home loan as a legal resident of the USA.
Apply for a USDA Mortgage in Zanesville, OH Now
If you think that a USDA home loan might be right for you, we can help you figure out whether you are eligible for this form of flexible, affordable financing. To schedule your consultation, please call us at (740) 624-8091.
