Maryland is a great state to live in, with its close proximity to Washington D.C. and the Chesapeake Bay. One question potential homeowners may have is whether certain areas of Maryland are eligible for USDA loans. USDA loans are a type of mortgage loan that is provided by the United States Department of Agriculture (USDA) to help rural and suburban homeowners achieve their dream of owning a home.
What is a USDA Loan?
Before we dive into which areas in Maryland are USDA eligible, let's first discuss what a USDA loan is. A USDA loan is a government-backed loan program that offers a variety of benefits to homeowners. These loans are specifically designed for those living in rural or suburban areas and are intended to help low-to-moderate income families achieve their dreams of homeownership.
USDA Eligible Areas in Maryland
There are many areas in Maryland that are eligible for USDA loans. Below is a list of eligible areas broken down by county:
It is important to note that these areas are subject to change and it is always best to check with a lender or the USDA directly to confirm eligibility.
Benefits of a USDA Loan
There are many benefits to obtaining a USDA loan. One of the most significant benefits is that they do not require a down payment. This allows more people to be able to afford a home, as it eliminates the need for a large sum of money upfront. Additionally, USDA loans offer competitive interest rates and flexible credit requirements.
How to Qualify for a USDA Loan
To qualify for a USDA loan, there are certain eligibility requirements that must be met. The property being purchased must be located in an eligible area and the borrower's household income cannot exceed the area's income limits. The borrower must also have a credit score of at least 640 and be able to show a history of reliable income.
Meet Mortgage Brokers Pro
If you are interested in obtaining a USDA loan in Maryland, Mortgage Brokers Pro can help. At Mortgage Brokers Pro , we specialize in USDA loans and can guide you through the entire process. Our team of experienced loan officers can answer any questions you may have and help you determine if you qualify for a USDA loan.
In conclusion, if you are looking to purchase a home in rural or suburban Maryland, a USDA loan may be the perfect option for you. With its many benefits and eligibility in a wide range of areas, it is definitely worth considering. Contact Mortgage Brokers Pro to learn more and get started on the path to homeownership.