USDA construction loan requirements (Real Estate - Mortgage Brokers)
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Item ID 2500957 in Category: Real Estate - Mortgage Brokers
USDA construction loan requirements | |
Here are some key features ofUSDA construction loans requiremnts: Location - The home must be built in an eligible rural area as defined by the USDA. This generally includes towns with populations under 20,000. Borrower Eligibility - Borrowers must meet income eligibility requirements and not exceed the maximum income limits for the area. Income limits vary by county and household size. Use of Funds - Funds can be used to build a new home, renovate or repair an existing home, or make improvements to land in preparation for building. Property Requirements - The property must not be used for income producing agricultural products and must be modest in size, design, and cost. Down Payment - No down payment is required for USDA loans. However, borrowers are generally expected to have some cash savings. Mortgage Limits - There are no explicit mortgage amount limits, but the home must be modestly priced for the area. Loan amounts are ultimately subject to the lender and underwriter approval. Occupancy Requirement - Borrowers must agree to personally occupy the home as their primary residence when construction is complete. Construction Financing - USDA loans can include both the construction financing and permanent end loan financing in one package. Borrowers work with USDA approved lenders to obtain construction financing and requirements can vary by lender.  | |
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| Target State: All States Target City : All Cities Last Update : Jan 08, 2024 3:22 AM Number of Views: 171 | Item Owner : Gustancho Mortgage Contact Email: Contact Phone: (None) |
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2024-12-04 (0.386 sec)