USDA Home Loans in Covington
USDA Rural Development provides homeownership opportunities to rural Americans, and home renovation and repair programs. USDA also provides financing to elderly, disabled, or low-income rural residents in multi-unit housing complexes to ensure that they are able to make rent payments.
The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers.
- Meet income-eligibility
- Agree to personally occupy the dwelling as their primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- Have the legal capacity to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Demonstrate the willingness to meet credit obligations in a timely manner
- Purchase a property that meets all program criteria
Not all addresess in Covington are eligible for the USDA loan program, Check the USDA eligiblity Map for areas eligible for the USDA Rural Development loan program. Eligible areas are subject to change.
Wether you decide to buy a home in Covington or somewhere else in King county Washington the property may still be eligible for a USDA loan if it is located in an eligible area.
At Mortgage Master we can help find out if the USDA Rural Development loan program is the right choice for you. Compare our findings with other local mortgage lenders in Covington, Washington
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