Available for 640 credit score and above.
USDA Loans in Austin TX
If you live in a rural or small town near Austin, live on a low income, and want to buy a home, you do have options. The United States Department of Agriculture (USDA), along with the Rural Housing Service (RHS), offer specialty loans that can help you get a loan in your hometown. If you cannot get credit on your own and need help, a USDA loan can help you get your foot in the door of your own home.
These loans are a great option because:
- Minimal closing cost
- Low or no down payment
These loans can help buy or renovation of a previously owned home or a new construction of a home. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
Types of USDA Loans in Austin TX
- Single Family Housing Direct Home Loans help families living in rural areas with low incomes find a house. This type of loan also provides financial assistance to the family’s rent. This support decreases a family’s mortgage payment for a short amount of time, helping them get back on their feet.
- Single Family Housing Guaranteed Loans benefits approved lenders living in rural areas. Lenders that get this loan are provided with a safe and sanitary home, which they can build, relocate, or improve. This loan also provides a 90% loan note guarantee to approved rural residents. A loan note is basically an IOU, and the 90% allows leeway in terms of the return by the residents. This prevents the greater risk of giving eligible homeowners a 100% loan note.
- Single Family Housing Repair Loans & Grants supplies loans to low-income rural households to fix any problems or upgrade their home. This also provides grants to low-income elderly residents who may have health and safety risks in their house such as issues with electricity, mold, or foundation damage.
HomeVantage Mortgage can help you with more loan options than just USDA. Our company can provide specialty loan packages, along with loan refinancing and home mortgages for your Austin home. Our hard-working staff of mortgage experts can help you get the loan package you need. With more than 30 years of knowledge in Texas mortgages, we can provide you with the excellence you should expect from only the best teams. If you want to talk about USDA loans, then get the company that can help you find the lowest rates possible. Talk to us today and get started on your loan process now.