Availability of USDA Mortgages in Virginia
The USDA-guaranteed mortgage is one of the most desired home loans in the country. It features a no-down payment feature and a low monthly mortgage insurance premium. However, as its name seems to imply ( ie., U.S. Department of Agriculture), it is for rural, farm properties.
This is not so. The eligible territories for the loan program are virtually everywhere except within large metro centers. In Virginia, approximately 90% of the land area is eligible for USDA mortgages.
Home hunters and real estate agents should become familiar with the USDA-eligible map: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
As shown, only Northern Virginia and Tidewater seem to be regionally exempt from the program. ( Although there are some areas on the western fringes that are eligible. ) Richmond and other large regional cities are exempted within the city limits only.
Bedroom communities within close proximity to the exempted areas are wide open to borrowers.
So, if you are looking for a no-down payment mortgage, check out the map.
Also, there are other requirements for USDA loans. Such as, income eligibility. There is a cap on the maximum family income for the desired county, for which the home buyer must qualify. Income and family size are taken into this consideration. Home hunters and real estate agents can see if they qualify at the following site:
If it appears you qualify, contact an approved USDA mortgage lender or broker and apply for a mortgage. Be aware, many lenders require a minimum credit score of 620 for approval. However, the USDA allows credit scores down to 580. So, be diligent in finding a lender. ( Our company accepts 580 credit scores in Virginia.)
All Credits Mortgage Inc.
A Virginia Mortgage Company