USDA Loan in Hamburg, Pennsylvania
Hamburg is eligible for the No Down Payment USDA Loan Program. Known by the following names: USDA Loan; USDA Mortgage; Rural Development Loan; USDA Guaranteed Mortgage. No matter what name you call it, a USDA Loan can help you buy a home without needing any money at closing. The Pennsylvania USDA Loan Program is only available in certain geographic areas and is only eligible in areas that the census maps designate as rural.
The Hamburg area is made up of Hamburg and the neighboring towns of Shoemakersville and Strausstown along with Perry Township, Tilden Township, Upper Bern Township, Upper Tulpehocken Township, and Windsor Township. This entire area, which makes up the Hamburg Area School District is fully eligible for the USDA Loan Program.
For information about other areas of Berks County that are eligible for the USDA Loan Program visit the Berks County USDA page.
Berks County USDA Household Income Limits
Deductions to reduce your USDA Household Income Calculation
$480 for each minor child living in the household
$480 for any student living in the household who is not on the mortgage application
$400 for each disabled household member who is not on the mortgage application
Documented Child Care Expenses for household members under the age of 13
Documented Medical/Disability Expenses for household members age 62 or older (this deduction is allowable if the expense exceeds 3% of the household income)
Benefits of the USDA Mortgage Program
USDA Mortgages do not require a Down Payment
USDA Mortgages allow the Seller to pay up to 6% of the sales price towards the Buyer’s closing costs
USDA Mortgages allow the closing costs to be financed into the loan amount, if the appraised value supports the needed loan amount
USDA Mortgages are only offered as 30 year fixed mortgages with no balloon payments or negative amortization
USDA Mortgages can be paid ahead of schedule or can be paid off at any time with no prepayment penalties
USDA Mortgages are not only offered in rural areas
USDA Mortgages are also available in many large towns and suburbs of cities