What is a USDA Mortgage?
You probably already know that there are many different mortgages available to well qualified borrowers, however, if you haven’t heard about the USDA home loan you could be missing out, big time. A USDA rural home loan is a government insured mortgage that is originated by lenders throughout Washington State. This mortgage product is designed to support rural families which fall into the USDA’s moderate to low income limits. The USDA will ultimately determine which areas of the state are rural, but in general, ”rural” means having a population less than 25,000.
In recent years the demand for USDA home loans has sky rocketed. This is due to a number of key advantages offered by this program which make it a better choice than FHA or Conventional financing for most borrowers. These advantages include:
- No Down Payment Required to Purchase a Home
- No Mortgage Insurance
- 620 Minimum Credit Score
Bottom line: if you live in a rural area you need to give this program a closer look. With a USDA Mortgage you can buy a home with no down payment and keep your monthly payments low by avoiding costly mortgage insurance which is common to all other loans types.
USDA Eligibility Map – Mt Vernon – Skagit County
To help you better determine which areas of the Skagit County Washington are open for a USDA home loan we have attached an USDA eligibility map below. Borrowers will find that only the more populated areas located around Mt Vernon Washington are ineligible. The rest of Skagit County is considered rural by the USDA and eligible for this loan type.
*Dark Orange areas are ineligible.
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