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Virginia First Time Buyer USDA Mortgage Guide 2023

Virginia First Time Buyer

First time buyers in Virginia are often surprised to find that the USDA still offers 100% home mortgages.  In fact, the USDA RD mortgage is the last 100% home loan available in Virginia, unless the applicant has VA loan eligibility.  The USDA mortgage program is designed to help promote home ownership in less populated locations around VA.

The great thing is the term “rural” is used loosely. In fact, many larger cities have outlined areas that are qualified for USDA home funding.  Locations around major cities like Richmond, Norfolk, Roanoke, etc have USDA-eligible locations around them. Interested homebuyers can click on the USDA eligible property map below and input their location.

The USDA loan program will allow homebuyers to borrow up to 101% of the home’s appraised value. In addition, homebuyers can include closing costs into their loan assuming their appraised value is sufficient. Please click on the UDSA link to learn more.

Some benefits of a 100% USDA Funding mortgage include:

  • 101% Financing,  No Down Payment required!
  • Low monthly mortgage insurance (PMI) and one-time USDA funding fee that is included in your loan.
  • No Loan Amount limits.
  • No Cash Reserve Requirements
  • 6% Seller contribution allowed for closing costs
  • 100% gifted closing costs allowed
  • 30 year low fixed-rate loan
  • No Prepayment Penalty – ever.
  • Primary Residents only (no rentals/investments or vacation homes permitted)

To qualify for the USDA loan program, there are two main requirements that differ from the other government loan programs (FHA, conventional)

Property Location- The home must be located in a USDA-eligible designated rural area. Please click here to input a property address and check eligibility.  Remember, the seller of the property is not important, just where the property is physically located.

Household income- Each county has different USDA Income restrictions. But for a standard family of 1-4 members, the income limit is over $103,500. Income limits are even higher for larger families. Please click here to learn more

Homebuyers that want to apply or learn more can reach out to us 7 days a week by calling the number above or just submit the Quick Request Form on this page.

Filed Under: Virginia Mortgage Tagged With: 2023 USDA Loan Virginia, USDA approved homes Virginia, USDA income limit Virginia

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904-810-2293
redd@coast2coastlending.com
Coast 2 Coast Lending
93 King St
St. Augustine, FL 32084
Branch NMLS# 2047476

NMLS CORPORATE ID #1850
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© 2020 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.

Have questions? Please submit the Quick Request Form 7 days a week for assistance.