USDA Rural Home Loans
When a Conventional Home Loan is Not an Option, Choose Our NJ Mortgage Company
If you don’t qualify for a conventional home loan, and are considering a home purchase in a rural area of New Jersey, it pays to speak with a USDA Rural Home Loan expert. We’ll help you explore the many advantages of this unique type of loan.
With low home loan interest rates and flexible guidelines, a USDA Home Loan may help you achieve your home buying goals. The mortgage specialists at Jersey Mortgage will consult with you to develop a custom plan that works for you. Regardless of your situation, we’ll work with you to get the deal done.
A guaranteed USDA Rural Home Loan can only be made through select mortgage companies like Jersey Mortgage Company. Find out why our financing programs set us apart from other mortgage companies.
We are a direct lender with in-house underwriting for faster, more efficient customer service. For decades Jersey Mortgage Company has served NY, NJ, PA, FL and CT communities, helping thousands of people achieve their refinancing and home buying dreams. We have been acknowledged by the State of New Jersey Dept. of Housing and Mortgage Finance for exceptional lending practices.
As with any home loan, to qualify for a USDA Rural Home Loan you must have a satisfactory credit history and meet certain income and employment requirements. Additionally, the property you’re considering buying must be located within a qualifying area.
Eligible counties in New Jersey include: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex and Warren.
Advantages of a USDA Rural Housing Loan:
- No down payment
- No cash reserves required
- No stated maximum loan amount; maximum loan based on repayment ability
- Loan up to 102% of appraisal value allowed...not the lesser of sale price or appraisal
- No first time home buyer requirement
- New and existing homes are OK
- Fully amortized 30-year fixed rate loan
- No prepayment penalty
- No seller contribution limit
- No limitation on source of funds for closing costs
- 100% gifted closing cost or down payment assistance is permitted
- Loan amount can include closing costs and repairs up to appraised value
- While an RD GRH (guaranteed rural housing) loan is not FICO Score driven, RD does reward you for higher scores