USDA Home Loans in Fort Worth, TX
USDA loans are mortgages backed by the USDA’s Rural Development Guaranteed Housing Loan program.
USDA loans are available to low-to middle-income home buyers. They provide financing with no down payment, reduced mortgage insurance, and mortgage rates that are below market.
A USDA loan can be used to purchase a home or refinance an existing one at a low interest rate. In a nutshell, USDA home loans are putting people in homes who previously thought they could only rent.
USDA Loan Requirements
USDA loan requirements vary depending on the property you’re purchasing and the area in which it’s located.
First, your home must be in a rural area considered eligible by the USDA. This means it must have fewer than 20,000 inhabitants.
Each month, the buyer must meet certain income limits set by the USDA. You must earn more than 15% of the local median income, with a significant portion of your income earned outside the United States. The house must be your primary residence. There will be no exceptions.
Finally, borrowers must meet the mortgage lender’s basic requirements, which include:
- Earn a consistent income from a consistent job, as illustrated by your tax returns.
- Credit requirements: A credit score of at least 640 from a major credit bureau is required (though this varies by lender).
- Existing debt ratio: This must be at least 41% of your monthly gross income.
Use the USDA’s eligibility maps to determine whether the property you intend to purchase is in a rural area that meets USDA income requirements or if your income exceeds the local poverty limit.
Choosing a Local USDA Lender in Fort WorthCanopy Mortgage, LLC services the location of Fort Worth
When it comes to USDA mortgages, there are a lot of moving parts involved. There are lenders, brokers, appraisers, title companies, escrow accounts, etc., and sometimes it feels like the whole process takes forever.
We understand this frustration, because we’ve been working with mortgage professionals for almost 20 years. So we know how important it is to get the job done quickly, efficiently, and accurately.
That’s why we’re here. We’re dedicated to helping you find the best loan for your situation, and we’ll always strive to exceed your expectations. Whether you’re looking for a fixed rate mortgage or a variable interest rate mortgage, we can help you find the right option for your financial goals.
And if you ever feel like you’re stuck in the middle of the process, we’re here to help. Our goal is to make the entire experience smooth and stress-free, so you can enjoy the rest of your day knowing that your mortgage is taken care of.
About Fort Worth
- Fort Worth is the third-largest city in Texas and one of the largest cities in the American West.
- With a population of nearly a million people, Fort Worth offers urban amenities, entertainment and culture along with outdoor recreation.
- Fort Worth is located along Interstate 30 and Hwy 287, this booming city is also the final destination of the Chisholm Trail.
- From Fort Worth’s central location in the U.S. — only 90 miles from Dallas/Fort Worth International Airport — it’s easy to reach other Texas cities and attractions.
- The city of Fort Worth has added a new ‘wild’ side of Texas to its list of things to do and business locations.
- To the north and south of Fort Worth, the landscape becomes more and more rugged and the terrain appears to be more “wild west” than suburban.
- Fort Worth hosts national horse shows as well as the Fort Worth Stock Show & Rodeo, which is one of the city’s largest attractions.
- The nearest airport in Fort Worth is Dallas/Fort Worth International Airport.
- To the south and the west of the city of Fort Worth is Lake Mineral Wells State Park, which is right on the Chisholm Trail.
- Fort Worth forms part of both Collin and Parker counties, along the eastern edge of Texas, on Interstate 20 between Dallas and Oklahoma City.