The USDA Housing Loan Program offers exciting possibilities if You’re Considering Purchasing a Home in Upper Bucks County, PA
Bucks County USDA Home Loan News: There is good news for Upper Bucks County home buyers considering a USDA Home Loan.
On October 1, 2016, the United States Department of Agriculture (USDA) lowered monthly and upfront fees for the USDA Mortgage (USDA Rural Development’s Home Loan Program). The upfront guarantee fee has dropped from 2.75% to 1%. The annual fee has been reduced from 0.5% to 0.35%.
Why are USDA Home Loans in Bucks County, PA so popular?
USDA Home Loan Fees were reduced on October 1, 2016
The USDA Mortgage is popular with many first-time home buyers in Bucks County PA. That’s because this program requires NO DOWN PAYMENT.
For many buyers, the USDA home loan makes owning a home less expensive than renting! It also has lower monthly mortgage insurance fees than FHA mortgages.
Most of Upper Bucks County, geographically speaking, qualifies for the USDA Home Loan Program.
- Home buyers considering a USDA Home Loan must:
- Meet income criteria. In Bucks County, this is defined as:
1-4 people the maximum household income is $93,750 in bucks
5+ people the maximum household income jumps to $123250 - Occupy the home as their primary residence
- Be a U.S. citizen, foreign national, or qualified alien
- Purchase a safe, livable property (defined by USDA Home guidelines)
Home buyers are often surprised that they can actually purchase home with 0% downpayment!
If you’d like to know more about the USDA Home Loan Program and homes for sale in Upper Bucks County PA Contact Us.
Comments are closed.