Kennett Square Pennsylvania is eligible for the USDA Loan Program
You may not need any money at closing when buying a home in Kennett Square. Located in southern Chester County, Kennett Square has been zoned as eligible for the USDA Guaranteed Mortgage Program. As part of the USDA’s Rural Development Loan program, no down payment mortgages are made available for eligible home buyers.
Do I need to be a first time home buyer to qualify for a USDA loan?
No, the USDA does not require you to be a first time home buyer, but they do not allow you to own more than one home at a time. If you currently own a home, it will need to be sold as part of any new home purchase. We can help you coordinate this when obtaining your new Kennett Square mortgage.
Do I need any money at closing with a USDA loan?
Maybe not. There are two ways to structure a USDA loan to avoid any cash due at closing from the home buyer. If the seller won’t cooperate or if the home does not appraise for a high enough amount to roll in the closing costs, there are ways that we can adjust the interest rate to possible cover closing costs as well.
Income Rules for USDA Loans in Kennett Square
As discussed on the Chester County USDA page, there are household income rules for a USDA Mortgage Approval in Kennett Square. If your household income level is a little bit above these figures, there is a chance you can still qualify, as the USDA allows deducts some medical expenses and child care expenses as part of their household income calculation.
To see if a specific house in Kennett Square is eligible for the USDA Rural Development Loan program or if you would like to more information about qualifying for a USDA Loan contact us for a free qualification.