One of the little known benefits of buying real estate in Duvall, Wa is the fact that due to the “rural” location of Duvall, homes in the Duvall area qualify for the King County USDA-Rural Development Zero Down Home Loan Program. That means that under the guidelines of this state-backed mortgage program, the borrower is not required to make a down payment nor are they required to have a monthly private mortgage insurance premium. However, the caveat is, the borrower must qualify under two main criteria:
(1) The borrower must not exceed the annual household income requirements (ex. a family of 1-4 must not exceed a household income greater than $97,000 annually.) You may want to refer to the USDA household income worksheet, but I recommend a 3-4 minute phone call me (see below) instead, as this process/worksheet can be ambiguous… USDA income qualifying guidelines
(2) Second, the borrower must purchase a home in a USDA-RD approved region. I have saved you the time verifying that as Duvall, Wa is a USDA-RD approved region. To see if homes outside of Duvall are USDA-RD eligible, type in the property address on the USDA region specific guidelines worksheet as you will get instant feedback.
Here are some additional benefits of the USDA-Rural Development Loan Program:
– No Down Payment Required
– No Monthly Private Mortgage Insurance
– 620 Minimum Credit Score Required (If your credit is below that, see Dan Keller to fix that)
– Flexible Debt-to-Income Requirements
– No Pre-Payment Penalties
– No “Strings Attached” or “Fine Print” Terms
As with anything you do when it comes to making a financial decision, I recommend that you are working with a Professional. From my experience, I highly recommend The Payson Group as Duvall USDA Real Estate Experts. John and Sarah Payson are veteran Realtors, they understand the King County USDA Loan Program, and most importantly, do a brilliant job serving their clients on the eastside.
For more information on qualifying for a USDA Mortgage or talking about a Free Credit Analysis, contact:
Dan Keller, USDA/FHA Mortgage Banker