A United States Department of Agriculture (USDA) loan offers a Zero Down Payment option without having served in the military. This program is also known as the Rural Housing Program but over the years has moved away from the term Rural. Currently, all of Chelan and Douglas County allows for the USDA loan, even right in the middle of Wenatchee. Like all programs, it can be the best program available but will depend upon your unique home buying situation.
SOME OF THE BENEFITS OF A USDA LOAN
- Zero Down Payment Options
- 580 Minimum Credit Score (no credit score option available)
- Low Guarantee Annual Fee – thought of as Monthly Mortgage Insurance
- Seller Contributions up to 6%
ITEMS NEEDED TO OBTAIN A FIRM LOAN COMMITMENT
- Social Security Number
- Employment history for the past two years, including address and phone numbers
- W-2’s and or 1099’s for the past two years
- Tax Returns, both personal and business, for the past two years if self-employed
- Current paystubs for the past 30 days
- Current award letters for income derived from pension/retirement/social security etc
- Residence addresses for the past two years, landlord name, address, phone number
- Assets statements for the past two months (all pages of the statements)
- Property information on any other properties owned
Like a FHA or VA loan, this program is used to purchase a primary residence. There are income limits for this program based on your family size and county you are purchasing in. Please contact me at 509-860-4955 to go over this option to purchase your new HOME.
Get in Touch:
We’d love to hear from you! Contact Patrick today and get started buying the home of your dreams.
Address: 11 Spokane St. Suite 100. Wenatchee, WA. 98801