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2014-02-03 13:58:09
Tooele Utah USDA Mortgage Details

You can still get a  Farmers Home Loan in Tooele City. Not only are no money down loans available in Grantsville UT, Lake Point, Stockton, Stansbury Park & Erda Utah, but the USDA has extended the approval to include the City of Tooele until later in the year.

It is a surprise to many that the USDA (US Department of Agriculture) offers mortgages. The loans may be used for real estate in designated rural areas and have special terms and features. This blog includes Tooele Utah USDA mortgage details.

Tooele Utah USDA Mortgage Details

Details on USDA Loans

  • Local mortgage companies are approved to offer this type of financing.
  • 100% financing is available.
  • Both new purchases and refinances qualify.
  • Despite common perception, USDA is used for not just farm properties.
  • The program may be used for single family residences and multi-unit homes.
  • Specific costs can be included in the principal.

Property Location

USDA compiles a list of areas in which USDA financing may be used. Buyers may be surprised to see some areas on the list as some are not as rural as imagined. To check eligibility for Tooele Utah and nearby areas, visit the USDA Home Loan website at https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and click on either single family or multi-family in the Property Eligibility menu in the top left section. You will be asked to enter a state and zip code to display a map of approved regions.

Qualifying for USDA loans

USDA and FHA loan criteria are almost the same. Buyers must have decent credit, acceptable earnings, and the capability to repay the loan. Income guidelines (found at https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11) vary by state, county and size of your household. USDA loans can take more time to process than conventional mortgages. Ask a USDA loan officer about applicable processing time lines and keep that in mind when entering a closing date in your offer.

Resources to Help with the USDA Process

Select a knowledgeable local lender that is authorized to offer USDA mortgages. Your real estate representative should be able to refer a mortgage company. Obtain a pre-approval in advance and know the requirements and alternatives before submitting a contract on real estate. Contact Berna Sloan at 435-840-5029 for specific Tooele Utah USDA mortgage details.

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