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USDA LOAN

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Colorado has many opportunities for those that want to get away from the city and a USDA loan for a rural area is the perfect opportunity to do that!

USDA LOAN

USDA mortgage loans are boosting development in rural areas and helping families with low or moderate income purchase homes.

The U.S. Department of Agriculture backs USDA loans. They are designed to promote rural living and development.

If you want to live in a rural area in Colorado, you may be able to qualify for a Colorado USDA mortgage loan.

What is a USDA Mortgage Loan?

In order to increase rural development, the USDA works with lenders to offer these guaranteed loans.

This guarantee allows lenders to offer USDA loans with excellent low rates and no money down. Low-income borrowers in rural areas are able to purchase homes because of USDA mortgage loans.

How do I qualify?

In order to be approved for a USDA Loan you and the property must both qualify.

The property must be located in a rural area. This means the area must have a population of less than 20,000.

In order to meet the income qualifications, you must make less than 15% above the average income for the area.

You must also be able to demonstrate that you have stable income and employment. A credit score of 640 will be required by most lenders, and your debt-to-income ratio should be below 41%.

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USDA Mortgage Loans

and How They Work

Rural development loans are also known as Section 502 loans.
The government created USDA loans in the 1990s to make it easier for low-income families in rural areas to become homeowners.
If you want to live in a rural area, and you meet the income requirements, a USDA loan may be the best option for you.
USDA mortgage loans are characterized by Low rates and 100% financing.
There’s no prepayment penalty and no down payment required, but you will be locked into a fixed rate if you take out a USDA mortgage loan.
No ARM mortgages are available through the USDA.
If you take out a USDA mortgage loan, you will be required to purchase private mortgage insurance.

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How to Qualify for a

USDA Mortgage Loan

To qualify for a USDA loan, you must be a United States citizen or permanent resident.
Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.
If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.
USDA loans are designed to help people with the greatest need.
Those without safe and sanitary housing are prime candidates for USDA mortgage loans.
While you won’t be able to purchase a home in the city with this loan, some suburbs are considered rural by the USDA. You may be able to get a Denver USDA mortgage loan to purchase a home just outside of the city.

USDA Mortgage Compared to Other Mortgages

USDA loans are a valuable option for homebuyers looking to purchase in eligible areas while keeping upfront and monthly costs low.

One of the most notable benefits is the zero down payment requirement, making homeownership possible without years of saving for a large upfront investment.

These loans typically offer competitive fixed interest rates, which helps keep monthly payments stable and predictable over the life of the loan.

USDA loans also come with reduced mortgage insurance costs compared to FHA loans, which can result in significant long-term savings.

Flexible credit guidelines make it easier for buyers with moderate or limited credit histories to qualify. Many lenders approve borrowers with scores starting around 620, sometimes even lower.

In addition to affordability, USDA loans promote homeownership in smaller towns and suburban areas by providing access to safe, affordable financing for qualified buyers.

Whether you’re a first-time buyer or simply looking to purchase outside a major metro area, a USDA loan can help make homeownership more attainable with low costs and straightforward terms.