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Today we will discuss the latest USDA mortgage requirements for 2017 the USDA home loan provides a number of homeownership opportunities and is wonderful for first-time homebuyersespecially that have little to no down payment for a home purchase so we'redoing to talk a little about the benefits and the requirements for these loan first the USDA program again the programs perfect for first-time homebuyers reunited States Department of Agriculture USDA offers this government-backedmortgage program, and it provides number of homeownership opportunities with now down payment needed the 502guaranteed loan this is for moderate income borrowers, and it's only offered through USDA approved lenders and bank sand brokers uh the program does have few key factors as far as eligibility goes and that has to do with the income of the household and also the location of the property which we will talk little more about in the slides to come the secure rate fixed-rategovernment mortgage again is one of the last remaining mortgages today that still allows home buyers to purchase home with no money down in 2017 really one of the few other options is a VA mortgage which also is a hundred percent financing, but that program is only secured for military or veterans#39’re going to talk a little about the usda-approved homes we often get questions about the homes and property types that are approved for USDA financing just to be clear first offered#39’s not as special designation for a property meaning it doesn't#39’t have to be designated by USDA to be an eligible property it's really all about the location of the property has to be basically like most other government programs like FHA loans ANOVA loans etc the program the housemate#39’s being purchased has to be asingle-family residence in a USDA eligible area, but it's regardless of the regardless of the seller it can be short sale type property distressed sale type property foreclosure maybe a browner type sale it does not matter who#39;selling the property again it's where the property is physically located as it must be located in a USDA eligible location according to the map and behave links on our website where you can check an address and to see if it is ineligible in a deemed rural location by USDA but don't be confused by the word rural most of the properties there airman areas outside just outside major metropolitan areas that are still eligible for USDA financing a more semirural area are still approved so it#39’s good idea to not assume and just plug Iran address as some properties you'reinterested in, and you can see there quickly on the map if it#39’s eligible for USDA financing and also give you an idea the kind that really the eligible areas you know within the location you're searching it the property that#39’s being purchased must be in good overall repair the property or the home cannot be a projector rehabilitation type project the program is only reserved for primary residences owner-occupied...
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