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Thank you for joining us today another video brought to you by USDA mortgage hub home buyers that have questions about the USDA Rural Housing loans can reach us at one 800 695 site USDA mortgage hub com seven days a week if you find this information useful please be sure to hit your like button and subscribe to the channel as programs and requirements do frequently change, so we want to make sure that you stay up-to-date to the latest guideline changes in this video we're going to talk about some new changes for the coming year and also the basic highlights and program requirements that homebuyers will want to know first we're going to discuss some USDA loan highlights this is again a government-backed mortgage that offers a hundred percent financing and approved eligible locations throughout the US and what we mean by eligible locations are areas that are deemed more rural in nature this loan is geared for those areas that still meet the requirements or still deemed rural locations and homebuyers are often surprised to learn exactly how many areas are considered rural today we're going to talk a little about that more in the upcoming slides the USDA program in addition to it being a hundred percent financing the program does allow the buyers closing cost to be paid by the home seller this helps reduce again the out-of-pocket expenses to the homebuyer, so homebuyers can't have the seller pay their closing cost or the buyer can also roll the closing costs into their loan with a supporting higher appraisal a little example of what we're talking about below there you can see an example being a home purchase price of a hundred and twenty-five thousand dollars let's say in this example the home buyer will need approximately 5000 for their closing cost and then also all their prepaid in pounds or escrows for taxes and home insurance as long as the house appraises for at least a hundred and thirty thousand dollars in this example the home buyer would be permitted to roll in and include all the closing cost into the loan any buyer can apply for the USDA loan it isn't reserved exclusively for first-time homebuyers again move-up buyers are welcome to apply there are no loan amount limits with the USDA loan program a lot of government programs like FHA loan for example can have certain loan amount caps depending on the location in the county USDA does not have one amount limits buyers qualifies simply based on their debt to income ratios which we'll look at a little more in the coming slides there's low monthly mortgage insurance or more commonly known as PMI when compared to FHA loans, so this is something to remember if you're a homebuyer that's currently looking at or maybe even already pre-approved for an FHA loan and if you also happen to meet the eligibility requirements for USDA meaning the home is located in an eligible location and also the income for the household meets the eligibility requirements you may want to also take a look at the USDA...
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