Most people seeking loans for buying a new home or repairing their existing home are not aware of the USDA loan programs and their benefits. The U.S. Department of Agriculture has national mortgage loan programs that are also applicable throughout state of Oklahoma.
These mortgage loans are sponsored by the government to promote ownership of home especially for low income families. To qualify for a USDA mortgage loan you need to meet certain criteria and then you can obtain the loan through an approved lender like us.
Important features of USDA Home Loan for Oklahoma Home Buyers
The USDA loans are provided by the government to households having low to moderate income to promote easy and affordable homeownership. This program strives to make home ownership affordable to promote prosperity. You can use these loans for buying or building a new home, improving, rehabilitating, or relocating to a rural area. This loan is only applicable for people finding homes in rural areas of the state, as it aims at developing the living standard in rural areas.
This is one of the few mortgage loan options available in Oklahoma that offers 100% financing, so you don’t have to worry about the down payment. You can repay this loan over a period of 30 years with a fixed rate of interest that has to be paid per year.
Are you eligible for this program? USDA Home Loan for Oklahoma
To be eligible for the USDA mortgage loans:
- You should be a U.S. Citizen, a qualified alien, or a U.S. non-citizen national.
- The house for which you are taking a loan must be your primary residence and you should not have any other houses.
- The loan obligation must be in your legal capacity and you should ensure the lender that the credit obligations will be met by you timely.
- There is a limit to the maximum household income in the entire state which varies according to the size of the household and the county. If your household income exceeds the maximum limit then you may not qualify for the loan. For most of the places in Oklahoma, the maximum household income for families with 1-4 members is $74,750 and for families with 5-8 members is $98,650.
- Moreover, you must be residing in a rural area to qualify for this loan. Over here, the term rural is very flexible and does not necessarily mean the remote areas. Several towns and semi-rural areas also qualify for the USDA loans.
How can you use the funds from a mortgage loan?
You can use a mortgage loan for buying an existing or new property for your permanent residence. The loan can also be used for various other purposes like repairing a new property, refinancing your loan, and for installing necessary household like refrigerators, ovens, dryers, washers, and cooling and heating equipment, etc. Furthermore, the loan enables you to buy and install things like solar panels and double-paned glass to encourage energy efficiency.
There are several properties available in Oklahoma that qualify for the loan and some are very near to the metropolitan areas like Stillwater, Tulsa, and Oklahoma City. You can apply for a USDA loan to buy a house in any of these areas and we will assist you to get an USDA home loan best suited to your purpose.
To know more about USDA home loans and how you can avail them, connect with us today!