The Washington State USDA Home Loan Program offers Granite Falls residents a true, Zero Down Mortgage option, one of the last zero down options available.
Thousands of people used the USDA Rural Home Loan in 2011, but there are still a few things that you need to consider before proceeding with a USDA Mortgage Loan Application.
As we get started, let me start by addressing the most important fact about using the USDA Home Loan to buy a home in Granite Falls – Property Eligibility.
In order to qualify for a USDA Home Loan in Granite Falls, you need to first make sure the home is located on the EAST SIDE of Highway 9. Take a look at this map provided below – Make sure to note, the stripes indicate NON-ELIGIBLE areas…
Benefits of the Granite Falls USDA Home Loan
– There is no maximum purchase price amount
– Flexible credit/qualifying requirements (see Dan for more info)
– 640 minimum credit score (exceptions allowed…)
– Low monthly private mortgage insurance (a fraction compared to FHA)
– Zero Down 100% financing available
– Low, 30-yr fixed rates (comparable to Fannie Mae or FHA rates) – Complete form to right for free rate quote –>
– You can receive up to 6% credit from seller/family member for closing costs
– No strings attached to loan – you can sell or refinance w/ out penalty
Income Qualifying Guidelines For Granite Falls, WA
The second main qualifying factor for the USDA home loan program in Granite Falls is total household annual income. There are a couple “gray areas” when looking at total household annual income, so if you are close to the limit, please contact me to identify how the Dept. of USDA will evaluate your income.
Granite Falls (Snohomish/King County)
1-4 Person Household – $92,600/year
5+ Person Household – $122,250/year
Mt. Vernon/Burlington/Anacortes (Skagit County)
1-4 Person Household – $74,750/year
5+ Person Household – $98,650/year
Oak Harbor/Langley/Coupeville/Camano (Island County)
1-4 Person Household – $89,550/year
5+ Person Household – $118,200/year
Important USDA Qualifying Facts – Must Know Tips!
– You can use the USDA Home Loan to buy new construction, but you cannot buy land/build new construction
– You can use the USDA Home Loan to buy a foreclosure, repairs cannot be included in loan (see FHA rehab loan)
– There are certain property restrictions that apply – IMPORTANT – Please read before touring homes w/ RE agent
– You cannot use the USDA Home Loan to purchase a manufactured home
– You can use the USDA Home Loan to purchase a home on acreage (10 acre limit) – see Dan for more info
Example Total Payment For Granite Falls USDA Home Loan
Purchase Price: $250,000
Interest Rate: 3.875% 30-yr Fixed Rate (4.213% apr)
Monthly Mortgage Insurance: $64/mo.
Property Taxes: $188/mo.
Home Owner’s Insurance: $37/mo.
TOTAL MONTHLY PAYMENT: $1,488/month
Annual Income Needed To Qualify for the above-mentioned payment – – – $39,680
See What Another Snohomish County Home Buyer Just Said…
I hope that you found this information valuable! I just want to take a second to introduce myself – Hello, I am Dan Keller, Washington USDA mortgage loan officer and writer. I enjoy working with my readers, so please do not hesitate to contact me directly at (425) 350-7136 if you have any questions or would like to get pre-qualified for a Washington State USDA Home Loan!
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Dan Keller [MLO# 115349]
direct: (425) 350-7136