Everything You Need to Know About Oregon USDA Home Loans

Everything You Need to Know About Oregon USDA Home Loans

As worldloans.online/10000-dollar-loan/ promo codes one of the few 100% financing options left available on the mortgage market today, USDA loans are an attractive option for the few potential homebuyers who are aware of this government sponsored mortgage program.

Once you have heard about the benefits of this unique loan program, you too will be asking yourself, what’s not to like about it. But before we go into all the great perks of getting an Oregon USDA mortgage, lets talk about who actually qualifies.

Qualifying for an Oregon USDA Home Loan

The United States Department of Agriculture created this loan to support rural development as well as provide financing options to low and very-low income earners in Oregon and across the United States.

Depending on the type of USDA loan you’re interested in obtaining financing under, you can have up to 115% of the median income in your county and still qualify for this low interest rate loan. For example, if you are a family of four living in the Eugene/Springfield area, you can make up to $74,750 per year and qualify under USDA guidelines.

There is not a hard and fast number that your credit score must meet to qualify for this type of loan. Your credit history and your income will be evaluated to determine your ability to meet repayment obligations.

Finding a USDA Approved Home in Oregon

The name USDA loan can be somewhat deceiving because it would lead you to believe, you have to be in the middle of farming country to qualify. Not so. This program is offered to communities with populations of 20,000 or less. This means places like Wilsonville, Sherwood, Troutdale, Ashland, The Dalles and Pendleton all qualify for this loan among many more cities and towns throughout the state. Continue reading “Everything You Need to Know About Oregon USDA Home Loans”