Mortgage Lender FAQ

  1. Who qualifies for USDA home loans?

Minimum Qualifications for USDA Loans. At a minimum, USDA guidelines require: U.S. citizenship or permanent residency. Ability to prove creditworthiness, typically with a credit score of at least 640.

2. Is my house eligible for USDA financing?

Welcome to the USDA Income and Property Eligibility Site. … In order to be eligible for many USDA loanshousehold income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

3. What qualifies for a USDA house?

USDA guaranteed home loans can fund only owner-occupied primary residences. Other eligibility requirements include: U.S. citizenship (or permanent residency) A monthly payment — including principal, interest, insurance and taxes — that’s 29% or less of your monthly income.

4. What is the current mortgage rate in NY?

Current rates in New York are 4.467% for a 30-year fixed, 3.84% for a 15-year fixed, and 4.207% for a 5/1 adjustable-rate mortgage (ARM).

5. What is a jumbo mortgage in NY?

Jumbo loans are mortgages of $417,000 or higher in most areas; the nonconforming threshold is $625,500 in pricier markets like New York. Jumbos are typically issued to the most creditworthy borrowers and require higher down payments.