YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The new maximum USDA home mortgage is $142,800 for the county’s residents, up from $138,100 previously.
The department’s direct home-loan program is geared toward low-income individuals looking to buy homes in rural areas. No down payment is required, closing costs could be included in a loan and interest rates may be as low as 1 percent, depending on an applicant’s income. Loans also could be subsidized and may cover up to 100 percent of the appraised value of a home.
Loan amounts are determined by an applicant’s debt-to-income ratio. Applicants also must have an acceptable credit history and adequate and dependable income to meet all obligations. The standard loan term is 33 years.
The new mortgage limit is for direct home loans. There is no limit on guaranteed home loans that are also offered through USDA.
More information on the USDA direct home loan program is available at www.rurdev.usda.gov/mo/.
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