FAQ’s
Frequently Asked Questions
Feel free to browse through our list of frequently asked questions. If you still can’t find what you’re looking for then ask us a question using the form at the bottom of this page and we’ll send you an email with our answer. If you ask a personal question then we’ll keep it between us. If we feel your question could help other people then we may add it to our list for the rest of the world to see.
Are there property conditions that would disqualify a home from being eligible for USDA home financing?
Mar. 1, 2010
Yes, the home needs to meet a certain set of standards. For the most part, it needs to be habitable without violating any health and safety guidelines. Here's a few examples of items that would need to be fixed: Chipped & Peeling Paint, Broken Windows, Mold, Missing Kitchen & Bath Fixtures, No Flooring, Bad Roof, Missing or Defective Furnace.
How does my credit rating affect my ability to qualify for a USDA mortgage?
Mar. 1, 2010
USDA does not have a minimum credit score requirement. However, mortgage investors who offer USDA home financing will have minimum scores and you will need to qualify based on their minimum. At First Republic Mortgage, our investors are currently offering this to anyone above a 620 credit score.
What are the income limitations?
Mar. 1, 2010 by Test Visitor, Kokomo, Indiana
Income limitations are based on total household occupancy. In Indiana, the average maximum income is approximately $74,000. It does vary per county and you can check your eligibility by visiting USDA's eligibility page at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
What is a 203K loan?
Oct. 5, 2011
In a nutshell, a 203k loan allows you to borrow the money needed to buy a home plus the money needed to make approved renovations to the property. You can buy and remodel, all in one loan!
Still can’t find what you’re looking for?
IMPORTANT: If you ask a personal question then we’ll keep it between us. If we feel your question could help other people then we may add it to our list for the rest of the world to see.
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