USDA loans put homeownership within easier reach for residents of Pharr and the surrounding Rio Grande Valley region of Texas. Backing by the U.S. Department of Agriculture allows lenders to issue mortgages with favorable terms and rates that are below average – and aside from the VA loan program, USDA financing is the only zero-down mortgage option on the market.
Being able to borrow 100 percent of the purchase price of a home is what draws many people to consider USDA mortgages, and thanks to the flexible credit standards, many repeat and first-time home buyers qualify. However, as the lending program is designed to help those who need financial assistance to become homeowners, borrowers must meet the USDA loan income limit.
USDA financing is only available for properties in specific geographic regions where economic growth is lagging, but many aren’t all that remote. The designated areas are rural, but the USDA defines that as any region that’s populated by less than 35,000 people – which means borrowers don’t need to go a long way from Pharr to find USDA-eligible homes. An experienced mortgage company can help guide you through these requirements.
The professional team at PRMI, a USDA-participating mortgage lender, can help you pinpoint which type of mortgage will allow you to meet your homeownership goals. A zero-down USDA loan could be the right solution, but we’d be happy to guide you in exploring all of your borrowing options. If you’re looking to buy a home in or around Pharr, Texas, give the mortgage loan lenders at PRMI a call today!