Ogden Mortgage Loans is a mortgage broker for USDA mortgage loans in USDA eligible areas in the state of Utah for both for purchase and refinance mortgage loans and cash-out refinance mortgages.
Features and Benefits About USDA Mortgage Loans:
- Zero Down – No down payment is required for a USDA mortgage loan.
- Loan Term: 30 year, fixed-rate mortgage loan
- No pre-payment penalty.
- Rates are more competitive than conventional mortgage loans offer.
USDA Mortgage Loans require eligibility of both the borrower and the property.
- Income Eligibility
- The borrower must meet both debt-to-income requirements as well as a maximum household income requirement for all household members that are age 18 and older.
- Eligible Borrowers – USDA funding is available for qualified borrowers who earn no more than 115% of the area median income.
- See the USDA income limits
- USDA Income calculator – Pending on the size of the household (Total # of people in the house) – there is a maximum annual income that is allowed for the entire household, not just the borrower(s).
- Eligible Property – USDA mortgage loans are limited to “rural” designated USDA approved areas.
Property eligibility must be located in a USDA eligible area. See the USDA eligible maps.
See the USDA maps.
- Approved Homes must be a modest size and the cost must meet local codes and regulations.
- Borrowers who have had prior credit issues with late payments, a bankruptcy or a foreclosure may still be eligible. The borrower’s income must support the proposed mortgage payment and meet the DTI requirements.
- The minimum Fico score requirement that we accept is a 580 middle fico score.
- Minimum funds are required to close. The USDA Guarantee Fee and eligible closing costs may be financed into the total loan amount. Gift money, grant money and seller contributions are allowed.
- Primary occupancy Only. investment property loans are not allowed.