Selinsgrove USDA Loan

You can buy a house in Selinsgrove PA without a Down Payment

Even though Selinsgrove is the largest town in Snyder County, Pennsylvania it is still eligible for the Rural Development Loan program, also known as a USDA Loan.

It may not feel like you are in a completely rural area when you are walking down Market Street in downtown Selinsgrove but the census maps have still zoned Selinsgrove as eligible for their No Down Payment USDA Mortgage program.

The rest of Snyder County, Pennsylvania is also eligible for a No Down Payment USDA Loan. To find out about other areas of Snyder County, Pennsylvania that are eligible visit the Monroe County USDA page.

To check if a specific home in Selinsgrove is USDA Eligible call 717-745-8380 or email USDA@keystonehomefinance.com

Snyder County USDA Household Income Limits

If your Income exceeds the figures listed here, you may still qualify. The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines

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

  • 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