Buying a home is one of the most important and exciting events in a person’s life. USDA Loans are the mortgage loans that can help a person purchase a home in rural areas. These loans are more affordable as they are backed by the U.S. Department of Agriculture. These loans can also be called rural development loans. USDA loans are given at zero percent down payment.
Before you apply for the USDA loan, you should check your eligibility. Certain guidelines must be met to be eligible for these loans. The household income of the applicant must meet a certain threshold. The applicant should also demonstrate that he or she has a stable income and can make his or her mortgage payments uninterrupted for at least 12 months based on his or her assets, savings and current income. As per the Philadelphia USDA Loans guidelines, when buying a home in the Greater Philadelphia area, one should make an offer for the house located in the rural or suburban area.
At Latitude Financial, we will help you through the complete process of applying for the USDA Loans. First, we will review your application and contact you once we find that the application meets our standards. Once pre-approved, we’ll guide you in choosing the most suitable loan that meets your requirements. At Latitude Financial, we are happy to be your guides vis-a-vis a USDA Mortgage Philadelphia can offer. We review your documents when you submit your application form. Once we are assured that your application meets the guidelines, your loan can be approved.