Beaumont USDA Home Loans

Whether you want to live the country life or are looking for an opportunity for a city escape, our USDA home loans in Beaumont can be the key that opens up all sorts of possibilities. This loan is issued through the USDA Rural Development Guaranteed Housing Loan Program by the United States Department of Agriculture, which helps low to moderate-income buyers purchase homes in designated rural areas. It also provides 100% financing, meaning you don’t need a down payment to qualify, plus it offers low-interest rates and monthly payments with various repayment options.

If you think a Beaumont USDA loan might be right for you, Capital Home Mortgage can help. We’re the mortgage experts in the Beaumont area and have helped many people like you finance their dream homes.

USDA Home Loan Requirements

If you’re looking for a way to buy your dream home but don’t have the cash flow necessary with other financings currently available, USDA loans might be right up your alley. These come with stricter requirements than most loan programs because they are 100% funded.

A few conditions must be satisfied for the USDA home loan in Beaumont. First, your credit score must be 640 or higher. There are also stringent requirements in income or Area Median Income levels which can make residing outside those boundaries difficult to achieve eligibility status.

You must also meet the citizenship requirements:

• U.S. citizen or permanent resident

• non-citizen national

• qualified alien agreeing to make the property intended to purchase a primary residence

Besides these citizenship requirements, you must also have an income that does not exceed 115% of the AMI and have stability in employment history.

The USDA also requires that borrowers be unable to get a conventional loan without mortgage insurance, and they also need documentation proving this inability. Unfortunately, your application will be denied if you’re suspended or debarred from joining federal programs.

Furthermore, the property you must purchase must be in one of USDA’s designated areas for rural homes. You must specifically be purchasing a single-family dwelling unit, and it needs to meet all requirements set by the U.S. Housing and Development standards.

Limitations of a USDA Loan

While some incredible benefits come with this type of loan, it’s also essential to be aware of the limitations.

First, this loan only comes with a 30-year fixed rate and can be complicated for homebuyers who want lower rates. Second, it provides 100% financing of the property’s appraised value.

Most importantly, you should also know the limitations of using your loan proceeds. Your funds will only be used for certain things, such as:

• buying a new or existing house as a permanent residence

• refinancing

• purchasing essential household equipment

• repairing existing dwelling

• attending to construction site preparation costs

Get a USDA Home Loan in Beaumont

If you think a USDA loan might be right for you, the first step is to get in touch with our team at Capital Home Mortgage. We’re experts on Beaumont USDA home loans and can help you enjoy an easy and seamless process thanks to our combined years of experience and the fact that we’re direct mortgage lenders. 

Give us a call at (409) 242-5530 today to get started.