Delaware USDA Rural Housing Loans

100% Financing – No Down Payment Loans!

Delaware USDA Rural Housing Loan

Delaware USDA Guaranteed Rural Development Home Mortgage Loan is a flexible no down payment government insured mortgage loan program that is growing in popularity for rural areas of Delaware. The USDA Loan is designed to promote home ownership for borrowers with low to moderate incomes and who have limited savings for a down payment. Call 302-703-0727 to Apply for a Delaware USDA Rural Housing Loans or APPLY ONLINE

Delaware USDA Rural Housing loans will allow the mortgage lender to lend up to the home’s appraised value and even allow the home buyer to include closing costs in the actual loan if the home appraises for more than the purchase price.  A common misconception about the USDA home loan program is that it’s for farmers, but this mortgage loan is for those who want to purchase a primary residence outside the urban areas.  In Delaware you will find that many suburban areas qualify for this program as well such as Middletown and Smyrna.

Benefits of USDA Home Loan 100% Financing:

Delaware USDA Rural Housing Loans Guidelines

Delaware USDA Rural Housing Loans have two restrictions; income and geographical.  The geographical restrictions are based on the U.S. census population data for each area of a particular county.  Below is a diagram showing the eligible areas of New Castle County.  The areas in orange are NOT Eligible

Delaware USDA Rural Housing LoansPhotobucket 

Kent County Eligible Areas are shown below.

Delaware USDA Rural Housing Loans

Sussex County Eligible areas are shown below

Delaware USDA Rural Housing Loans

How Can You Determine if a Property is Eligible for USDA Loan?

You can determine if a property in Delaware is eligible for financing through the USDA Rural Housing Loan program by entering the property address at the following website http://eligibility.sc.egov.usda.gov

The Eligible areas for USDA Rural Housing Loans were suppose to change on January 15, 2014 but the changed was delayed indefinitely until Congress passes legislation updating the Census data used for calculating the eligible areas from 2000 Census to the 2010 Census.  When the 2010 Census Data is used the city of Middletown, Delaware and the city of Smyrna, Delaware will no longer be eligible for USDA financing but until further notice both cities are still eligible for 2014.

Delaware USDA Rural Housing Income Guidelines:

The income limits for Delaware USDA Rural Housing loans are based on the number of people in the house and the county that the property is located.

New Castle County Maximum Income Limits for 2017

1 -4 Person            5-8 Person

$0 – $95,650          $0 – $126,250

Kent County & Sussex County Maximum Income Limits for 2017

1 – 4 Person                   5 – 8 Person

$0 – $79,200                  $0 – $104,550

What is the USDA Guarantee Fee?

USDA Rural Housing Loans require that borrowers pay a upfront mortgage guarantee fee that as of June 2017 is 1% of the loan amount but USDA lets you finance this upfront fee into the loan.  For example if you are purchasing a home for $200,000 and want to borrower 100% which is $200,000, USDA requires the borrower to pay a 1% guarantee fee which would be $2,000.  This $2,000 fee can be financed into the loan so your total USDA loan would be $202,000.

USDA Rural Loans also require a monthly fee of 0.35% of the loan amount on an annual basis.  This monthly fee is much lower than a comparable FHA Loan at 0.85% or a conventional loan with less than 20% down.

What is the USDA Direct Loan Program?

The USDA Direct Loan Program is a program administered by RHS directly to home buyers who income is below 80% of the median income limit and cannot obtain credit otherwise.  40% of the loans under the direct program must be made each year to people under 60% of median income limit.  You must apply directly with the RHS to obtain this program as it is not available from a private lender.

Delaware USDA Rural Housing Loans

APPLY ONLINE HERE

Need a USDA Mortgage Lender Delaware – Call the John Thomas Team at 302-703-0727 to apply for a Delaware USDA Rural Housing Loan or send an e-mail to johnthomasteam@primeres.com or APPLY ONLINE NOW!!

Primary Residential Mortgage, Inc.

248 E Chestnut Hill Rd, Newark, DE 19713

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