If you want to buy a home in rural Colorado, be sure and find out if your situation qualifies for the zero down USDA mortgage.
What is a USDA Mortgage?
USDA mortgages are an income-based loan specifically intended for the purchase of rural properties.
The United States Department of Agriculture (USDA) makes sure that you can get a mortgage in order to buy your dream house or land anywhere on America’s country side, as long it has been certified by them first!
As the US Department of Agriculture insures these loans, they are easy to qualify for even if your credit score is not perfect.
Benefits of USDA Mortgages in Colorado
USDA loans offer many competitive advantages to qualifying homebuyers:
- Credit qualifications and DTI ratio requirements are relaxed.
- You may be able to buy a Colorado home now with no down payment.
- Affordable interest rates bring homeownership within reach for lower and middle income families.
- The loan limit is based on individual qualifications. There is no set upper threshold.
- The guarantee fee for a USDA loan is affordable in comparison to FHA mortgage insurance premiums (MIP).
Who Qualifies for a Colorado USDA Loan?
You must meet the following requirements to be eligible for this type of mortgage:
- Your income must fall within the permitted brackets. So long as it is not more than 115% of the median household income for the location where you are buying a home, you will meet this requirement.
- The home you are purchasing has to fit the USDA’s “rural” definition—which is more flexible than you might imagine.
Is your income enough to buy a house in this area? During the consultation, our USDA mortgage experts can help make sure you meet all requirements for buying property here.
Buy a Home in Colorado Now With a USDA Loan
There are many beautiful homes for sale right now in Colorado that have a USDA “rural” designation. One of them could be your dream home, and it could be yours with zero down if you’re eligible on the mortgage side!. Please call (720) 640-7034 to schedule your consultation.