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Austin USDA Mortgage Lender

USDA Home Loans in Austin, TX

As a part of its Rural Development Guaranteed Housing Loan program, USDA loans are mortgages that are backed by the U.S. Department of Agriculture.

Purchasers of homes with low to average incomes can apply for USDA financing. Along with decreased mortgage insurance and below-market interest rates, they provide financing with no down payment.

With a low interest rate, you can refinance an existing mortgage or use a USDA mortgage to purchase a new one. In summary, USDA home loans are helping folks who previously believed they could only afford to rent homes buy their own homes.

USDA Loan Requirements

The property you’re buying and the neighborhood where the house is located will determine the USDA loan requirements.

Your home must, first and foremost, be in a rural location that the USDA deems acceptable. This implies that there must be fewer than 20,000 inhabitants.

The buyer must fall within a range of monthly income restrictions defined by the USDA. You need to make more than 15% of the median income in your area, and you should earn a sizable amount of your money outside of the United States. The house must be your principal residence. No exceptions apply.

Finally, applicants must satisfy the fundamental requirements set forth by the mortgage lender, including:

  • Income eligibility: As shown by your tax filings, you must have a stable source of income from a stable work.
  • Minimum credit score of 640 from a major credit bureau is required (though this varies by lender).
  • Existing debt to income: This ratio must be at least 41% of your total monthly income.

If you want to see if the property you want to buy is in a rural area and fits USDA income requirements or if your income is above the local poverty level, use the USDA’s eligibility maps.

Choosing a Local USDA Lender in Austin

Canopy Mortgage, LLC services the city of Austin.

When you think about mortgages, you probably imagine a bank telling you how much money you qualify for, then waiting months or even years to send you a check. Not only does this process take forever, but it’s also incredibly stressful.

We understand that getting approved for a mortgage shouldn’t feel like a chore. So instead of sending you paperwork and asking you to wait weeks or months for approval, we’ll actually meet with you face-to-face to go over your financial situation and determine what type of loan makes sense for you. Then we’ll send you a personalized application within 24 hours, and once you submit it, we’ll review it and approve it within 48 hours.

And because we’re based in Austin, we’re able to serve residents throughout the entire state. No matter where you live, we’ll always treat you fairly and honestly, and we’ll ensure that you receive your mortgage approval quickly and easily.

About Austin

  • Austin is the 11th largest city in Texas and the capital city of the state.
  • In 2012, Austin has been named as the world’s most livable city and also the most educated city.
  • Austin is a nature lover’s delight with Barton Creek running along its south bank providing a beautiful setting for all the city’s sports enthusiasts.
  • Austin has a humid subtropical climate characterized by very hot summers and cool winters, with a marked variation in temperature between day and night.
  • Austin is located close to a number of natural wonders like Lady Bird Lake and the Colorado River, which offer opportunities for boating, hiking, fishing, swimming and much more.
  • Austin has more than 10,000 restaurants to choose from offering cuisine from all around the world – Italian, Mexican and Italian cooking are very popular in the city.
  • Austin’s nightlife is vibrant and diverse offering everything from cozy pubs to classy lounges.
  • Austin hosts several music festivals like SXSW, ACL Festival and South by Southwest.
  • To the south and the west of Austin are the cities of San Marcos and San Antonio.
  • To the north and south of the city of Austin are the cities of Round Rock and Cedar Park respectively.
  • The city of Austin covers a total area of 341.3 square miles with 226.1 square miles of land and around 117 square miles of water.
  • Although Austin is considered safe, it does have its share of crime like in any other city. At the same time the city has a comparatively lower crime rate.