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USDA Loans and How They Work

Posted on October 12, 2017 · Posted in connecticut usda mortgage

Hi, my name is Ramazan Sinani and I am a Residential Loan Officer at Northeast Financial located in Middletown, CT. Today I would like to talk to you about USDA Loans and how they work!

 

USDA Loans are Government loans and are for Home Purchases located in specific areas in the state. Below are a few benefits to the borrower:

 

  • 100% Financing (no down payment) for those who qualify

  • Lower Monthly Mortgage Insurance than FHA!

  • Competitive interest rates comparable to Conventional rates!

 

Some of the things needed in order to be eligible for a USDA Loan are:

 

  • Must be in a USDA eligible area!

  • FICO score of 640 or higher

  • Must be for a Home Purchase only

  • Must meet income requirements that do not exceed income limits in eligible areas!

 

For more information on USDA Loans and if the property you are looking to purchase is in a USDA eligible area, or any other questions give me a call!

 

Thank You,

 

Ram
Ramazan Sinani
Mortgage Loan Originator
Northeast Financial
NMLS: 1590862  Company NMLS: 117273
Cell: 203-695-6858   Fax: 203-413-6240
ramazan@northeast-mortgage.com