First Time Home Buyers in Louisiana
USDA Loans for First Time Home-buyers Louisiana Rural Home Development
Why is a First Time Home Buyer Grant an Excellent Choice?
Those who are buying a home for the very first time can now find a multitude of assistance choices in obtaining your very first home. There are many choices such as USDA, FHA or VA loans available. While these loan types typically don’t require a huge down payment and the loan process is simple, the United States government offers a great deal of assistance to these first time home buyers in Louisiana by offering various loan programs such as the zero down USDA loan.
All First Time Home Buyers Can Easily Qualify for a Zero Down USDA Loan.
- The USDA loan offers a zero down plan payment at closing of loan.
- The loan requirement does not require mortgage insurance which is a great asset for those who may have a lower than average credit score. This makes qualifying for the USDA loan a much easier process.
- Qualified borrowers are able to finance up to 100 percent of the entire property value at time of appraisal. No limit is set for the maximum amount of loan.
- Any home renovations or repairs are also included in the first time buyer USDA loan. You can purchase a home you would like to repair or renovate and this amount will be totally factored into your loan package. This loan is often also used on foreclosures, existing homes and new construction.
- USDA loans in Louisiana surrounding areas are tailored to assist those who possess moderate to lower income first time homebuyers.
- There are many advantages for first time USDA home borrowers that are not offered in other traditional mortgages such as the ability to put no money down while offering a low interest rate. In addition, the PMI insurance is very low.
- Previous bankruptcy that has been discharged in the past two years is also accepted.
- USDA loans offer up to 102 percent financing, logical underwriting and competitive rates.
- Your USDA loan eligibility is determined by your credit score which can be as low as 620, includes the property of your choice, and your ability to meet the debt obligations, taxes, new mortgage amount, insurance and your PMI. This is a very simple process for any first time home buyer looking for a USDA loan with zero down.
- Keep in mind that while the USDA guidelines state the term rural areas, homes can also be located in suburban areas or communities which can be located near large cities that do not exceed 25,000 residents.
In summary, a USDA loan in the Louisiana area, guarantees more loans with more choices and perfect credit is not a requirement. The USDA loan also has flexible repayment ratios with no maximum loan limit. The loan is tailored specially for low to medium income families/persons. A USDA loan can guarantee to save you lots of money.