In Tuscaloosa County, we are lucky that are all of our county is USDA eligible!
We are one of the few counties in The United States that is completely eligible!
USDA home loans offer 100% financing, low rates, and affordable payments. These loans are becoming more popular by the day, as buyers discover an easier way to buy a home with zero down payment. It is one of the most cost effective home buying programs in the marketplace today.
The USDA Rural Development Home Loan allows certain borrowers the ability to buy a home with No Down Payment, a 30 year fixed rate, and a great Low Mortgage Rate! The only loans that get any better than this are VA home loans for Veterans.
You must not be over the Maximum Income Household Requirements for our county. For a family of 4, its a income limit of $75,000. Qualifying is based upon your gross taxable income, and USDA likes for your debt to income ratio be less than 40%. For example, if you make $50,000 a year, USDA does not want to see your debt more than $1,666 a month.
When you rent, you typically are required to pay 1st and last month rent up front plus a security and pet deposit. With this USDA Loan there is no downpayment and you can get a gift, or the seller can even contribute to the closing costs so you could come to the closing table with no cash at all! Plus, the overall monthly payment can be cheaper! For example, this 3 bedroom, 2 bath home below is listed for $136,900 or at todays rate of 3.25% your monthly payment would be $746.15. Homes on this street have leased this past year for up to $1,200 a month! If you purchased this home with a USDA loan you would be saving up to $453.85 a month! Plus no up front money!
4434 19th Street Northport, AL
For more information about how to qualify for a USDA loan, call, email or text me at firstname.lastname@example.org, or 205-886-2792, and I will work with you to find a lender and get your approved!