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USDA Home Loan Program

Basic USDA Home Loan Info 

PrimeLending offers USDA Home Loans to assist potential home buyers in Washington State achieve their dreams of owning a home by providing a 100% financing solution.  Many lenders refer to this loan as a "0" down loan however, the buyer is still required to bring some cash to the transaction in the form of a Earnest Money.  Since most Earnest Money down payments here in Washington State are only around $500-$1,000 it's easy to see how affordable purchasing your new home in Washington State can be.   

Eligibility in Washington State for USDA home loans is a combination of different criteria.  First and foremost all buyers must meet minimum guidelines for purchasing a home such as credit history, credit scores, DTI (debt to income ratio) and various other guidelines.  However, in addition to the standard requirements there are a couple more that are USDA specific.

USDA Income Requirements 

First it's important that the buyers income fall within the USDA income guideline requirements.  These requirements can change from state to state and county to county.  As an approved USDA lender in Washington State, PrimeLending has the ability to determine your eligibility based on your income.  You may also visit USDA's website on your own to determine if your income qualifies.  


USDA Income Eligibility 


USDA Location Requirements 

Another criteria that USDA uses to determine eligibility is based on the location of the property.  USDA eligible properties are required to be located in Rural areas outside the city limits and here in Washington State you will find lot's of eligible areas.  However, that does not necessarily mean that you have to live 2 hours away from the city.  Many families who turn to USDA Home Loans for assistance in purchasing real estate work inside the city limits and can locate eligible homes within close proximity to work and city activities.  It is also important that the property is not an income producing property.  Meaning that it can not be used as a working farm.  As an approved USDA lender in Washington State PrimeLending is equipped to help you determine property eligibility.  Contact Me today and I will be more then happy to assist you.  Graham, Puyallup, Eatonville, Orting, Sumner, Port Orchard, Tumwater, Ravensdale, Carnation, Enumclaw are among many cities in Washington State that have eligible areas. 


USDA Property Eligibility   


Additional USDA Benefits   

In addition to being virtually the last 100% financing Home Loan USDA has several other key benefits:
  • Now you can finance up to 102% with no down Payment!
  • Loan can include closing cost if appraisal is higher than sales price!
  • No cash reserves!
  • Low Monthly MI! (Mortgage Insurance)
  • They have also raised the income levels to allow for more buyers to qualify.

If you are a Washington State resident and are looking to get out of the busy life of living in the urban areas of Seattle and Tacoma you don’t have to look that far to get into USDA eligible rural areas. In some cases you can be less than 15 miles away from the city. The USDA home loan program is a great way to purchase a new home with almost "0" out of pocket and with homes at lower prices and new improved guidelines now is the time to see if you qualify for the USDA home loan program somewhere here in the great State Of Washington.


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PrimeLending offers professional Home Loan services in the Northwest and all other areas of Washington State.  For Home Loan services in the State Of Washington just Click Here for more information.