Houston USDA Mortgage Lender

USDA Home Loans in Houston, TX

The U.S. Department of Agriculture’s Rural Development Guaranteed Housing Loan program includes mortgages backed by USDA loans.

Low-to-average income home buyers can apply for USDA financing. They provide mortgages with below-market interest rates, reduced mortgage insurance, and no down payment financing.

A USDA loan can be used to refinance an existing mortgage at a cheap rate or to purchase a new residence. In other words, USDA home loans are enabling people to buy homes when they previously only thought they could rent.

USDA Loan Requirements

USDA loan requirements are determined by the buyer and the property.

First, the house must be in an eligible rural area, which the USDA defines as having a population of less than 20,000 people.

Second, the buyer’s monthly income must be within USDA guidelines. You cannot earn more than 15% more than the local median income to be eligible. You must also live in the house as your primary residence (no vacation homes or investment properties allowed).

Finally, borrowers must satisfy the lender’s basic financial requirements, which include:

• Income eligibility requires a steady job and monthly income, as evidenced by tax returns.
• Credit requirements: A FICO credit score of at least 640 is required (though this can vary by lender)
• Existing debt ratio: Most people have a debt-to-income ratio of 41% or less.

You can use the USDA’s eligibility maps to determine whether the property you’re interested in is in a USDA eligible rural area and whether you meet local income limits.

Choosing a Local USDA Lender in Houston

Canopy Mortgage, LLC services the location of Houston, TX

When you’re looking to buy a new home, you want to find the right mortgage lender. After all, you’re going to be putting a significant chunk of money into this purchase, and you want to make sure you’re getting the best deal possible.

Canopy Mortgage, LLC understands that buying a home is a big decision, and you deserve to feel confident that you’re working with the right lender. We believe in transparency, honesty and fairness, and we strive to deliver these qualities every step of the way.

If you’re interested in learning more about mortgages in Houston, TX, click on the link below to get started!

About Houston

• Houston is the largest city in Texas as well and the Southern United States, and the nation’s fourth-largest.
• Houston has been experiencing an economic boom in recent years, consistently ranked one of the top five U.S. cities for job growth and net migration.
• Houston has several entertainment venues such as the Miller Outdoor Theatre and the Wortham Center.
• Houston is home to professional sports teams including the NFL’s Houston Texans and the NBA’s Houston Rockets.
• Houston hosts festivals such as the Houston Livestock Show and Rodeo, the Houston International Auto Show, and the Houston Art Car Parade.
• To the south and the west of the city of Houston are its two most important economic satellites: Greater Katy and Greater Sugar Land.
• The city of Houston was originally two separate communities: the City of Houston and the Town of Houston (now know as Midtown), each located in its own large surrounding county, which were merged in 1913.
• Houston’s economy is fueled by a strong energy sector, a burgeoning healthcare industry; and a burgeoning retail and restaurant trade.