USDA Loan Program in Denver, CO

USDA Loan Program in Denver, CO

What is the USDA Program? How can you qualify for the USDA loan program in Denver? Where can you find more information about the program and how to get started? Learn more below.

What is the USDA loan program?

The USDA loan program is primarily available to rural homebuyers seeking a single-family home. With cost of living increasing across the board in nearly every major city in the country, the appeal of rural and suburban life is becoming more and more alluring to many urbanites. The intention of the USDA Loan Program is to provide attractively low rates to homebuyers that are impossible to find within city limits. Though this is a government program, the government is not the direct lender – the loan is given through local partners like US Mortgages.

As the local population continues to increase, and home & rent costs in Denver skyrocket, the benefits of the USDA loan program are very apparent. USDA loan applicable properties do not require a down payment, and allow the property to be purchased for no money down. Credit requirements on USDA loans are much more flexible than more traditional mortgages, further removing restrictions on first time buyers who may have subpar credit. With these loans, you and your family can easily purchase a rural or suburban home as a stable foundation to grow.

How can you qualify for the USDA loan program in Denver?

Qualifying for the USDA loan program is primarily an issue of location of your property. Rules, regulations, and qualifications can vary between locations, we recommend looking at United States Department of Agriculture Rural Development for specifics on what locations have USDA loans available. Properties are generally smaller than 2,000 sq. ft., and must be used as the homeowner's primary residence. Income limits vary depending on county and the number of people in your household. The purpose of these loans is to allow low and moderate-income households to own safe and modest homes as their primary residence.

About US Mortgages

US Mortgages has been helping people own their homes since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a USDA loan today.

Pre-Qualify In Minutes

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 8pm MST, Monday - Friday. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.