It’s not hard to qualify for an RDA Rural Housing Development mortgage loan in Utah. Rural Housing mortgage loans have flexible underwriting guidelines to help any type of homebuyer purchase a home. When you add the flexible guidelines with low interest rates and no mortgage insurance you have a great mortgage loan!
THE FIRST step is the easiest part. Rural housing loans require no down payment! So there you go, the first step already accomplished.
THE SECOND is to determine if you are in an approved RDA Rural Housing area. In Utah, some counties have restrictions, but there are plenty of areas that are eligible for USDA Rural Housing loans. You can find a Map Here.
THE THIRD step is a little more complicated you need to calculate your income to determine if you make too much or too little for the Rural Housing program. Your income cannot exceed 125% of the median income for your area.
FOURTH is your credit score. RDA Rural Housing mortgage loans consider a credit score of 660+ to be excellent credit. You can usually still obtain a loan with a score of 620+, but you will need to explain any derogatory items on your credit.
There are a few other items that RDA will consider when you obtain the loan, for example the quality of the home itself, but if you will work on the first four steps, the rest should fall into place.
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Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
Qualify Now Online
First Federal Mortgage, Inc
Orem, Utah
801-404-3540 Cell
888-800-5930 Toll Free
