If you’re a prospective homebuyer interested in purchasing a residence in rural Nevada, Blackmon Home Loans can help you secure a USDA home mortgage. Since USDA loans tend to have lower interest rates and are easier to qualify for than other loans, they’re an excellent option for people who want to own their own home as soon as possible, despite financial restrictions.
USDA Home Loans Explained
USDA 502 direct loans are a specific type of government-backed mortgage intended for people seeking to purchase real estate in rural regions of the United States. Typically, this includes any area with a population under 35,000. USDA loans have several major benefits and fewer restrictions compared to conventional mortgages.
Benefits Of A USDA Loan
- No Down Payment Necessary
- Low Fixed Interest Rates
- Borrow Up To 100% Of The Purchase Price
- Allow For The Use Of Gifts & Grants To Meet Closing Costs
- Low Mortgage Insurance Fees
- No Cash Reserves Or Assets Required
- Flexible Credit Score Requirements
- May Allow For Nontraditional Credit Options
- Available For New & Old Properties
- Can Be Used For Some Eligible Home Repairs & Upgrades
- Not Restricted To First-Time Homebuyers
Maximum Income Limits For These Mortgages
USDA home loans are meant to assist low-to-moderate income homebuyers, so they typically have a maximum income limit of 115% of the local median household income. These limits vary by county and household size, and they may fluctuate over time, but updated information is available on the USDA website.
Do You Qualify For A USDA Home Loan?
- You Intend To Buy A Rural Property
- This Property Will Be Your Primary Residence
- The Property Has Access To Utilities
- The Property Is Directly Connected To A Road, Street, Or Driveway
- Your Household Income Is In The Low-To-Moderate Range
- You Have A Stable Source Of Income & Are Able To Make Monthly Payments On Time
- You Are A U.S. Citizen Or Legal Permanent Resident
Rural Loans Can Be Used For Home Improvements
USDA mortgages are not just restricted to people who are in the process of buying a home—they can also be used to help current homeowners improve their rural residences. Eligible renovations may include removal of health hazards; walkway or driveway installations; connecting your property to water, electricity, gas, sewage, or the internet; mobility or accessibility aids for persons with disabilities; insulation and energy-efficient upgrades; and more.
USDA Mortgage Lenders In Las Vegas
At Blackmon Home Loans, we are committed to helping prospective and current rural homeowners obtain affordable mortgages so that they can purchase or upgrade the home of their dreams. Contact us today to schedule a professional consultation and learn more about what options you qualify for.