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Are USDA Loans Assumable?

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Are USDA Loans Assumable?

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  1. Are USDA Loans Assumable? USDA Loans have numerous benefits, however one great advantage is that these loans are assumable. So when the home buyer assumes a USDA Loan, he takes over the current owner’s outstanding mortgage balance. Usually, the terms & interest rate remain unchanged. Benefits Of Assuming The USDA Loan Save on closing costs You may obtain lower interest rate Save on upfront funding fee How To Qualify For An Assumable USDA Loan In order to qualify for an assumable USDA Loan, the homebuyer must fulfill the requirements set by the lender. Make sure that your income is  as per USDA guidelines You should have the required debt-to-income ratio You should have good credit score Ensure that the seller is current on the existing loan The property should be in USDA approved area. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

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