Pax River Communities Still Qualify for USDA Home Loans
Now is definitely the time to seek a USDA home loan, according to Primary Residential Mortgage, particularly if you’re looking to buy in top neighborhoods close to the Patuxent River Naval Air Station. That portion of Lexington Park, Md., remains within the USDA Rural Development Loan eligibility maps. But it might not for long.
The US Dept. of Agriculture offers a loan program for qualifying buyers across rural America. The program can finance 100 percent of the cost of homes in the designated rural areas, explains Barry Friedman, mortgage market manager of Primary Residential Mortgage in California, Md. For some very low-income buyers there are even loans up to 115 percent to bring properties up to standards.
But as the nation urbanizes, the map of eligible properties shrinks. For now, Lexington Park, MD, remains rurally designated. But changes are due to the map in the near future, Mr. Friedman warns. The USDA has notified the industry that there will be new maps. An updated map is overdue, he says. And a version he has seen suggests much more of Lexington Park will be designated as ineligible. “We’re just waiting,” he said.
The USDA works with participating local lenders such as PRMI. The PRMI lenders know Southern Maryland and understand the USDA standards of safe and sanitary housing for their borrowers. The headquarters of PRMI sits at one of the corners eligible for USDA home loans, at Route 235 and Route 4 in California, Md.
The PRMI, California office of mortgage lenders average about 20 years experience apiece in the home loan business. Most have worked the majority or their entire careers in Southern Maryland. The office is recognized as having a depth of experience with specialized mortgages and a breadth of knowledge of this region. The combination has enabled them to bring a large toolbox of opportunities to use including USDA home loans in Southern Maryland. They are committed to finding and fitting the best loan to their clients’ homes.
PRMI encourages potential home buyers who might think they don’t have the cash or credit rating to see if they are eligible for the USDA loan while the pool of eligible housing remains so large in St. Mary’s. And while interest rates remain low. Visit the USDA Rural Development site for income eligibility and property eligibility guidance.
Primary Residential Mortgage lenders are familiar with the Rural Loan Program and see it is a real go-to for income qualified home buyers. A program for very low income families begins with an income qualification in St. Mary’s County of $33,300. But the loan guarantee program, funding up to 100 percent of the price of a home for a 30-year mortgage, goes up to income qualifying at $126,900.
PRMI lenders will be able to confirm for you if you can qualify for one of the 100 percent, USDA home loans, for a 30-year term at today’s low interest rates. The eligibility maps still include many new-home communities surrounding the Patuxent River Naval Air Station in Lexington Park, MD.
“The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of home ownership!” according to their website.
Additional Guaranteed Loan Features may include
- No down payment.
- Some fees and costs may be included in the loan, or paid by applicant.
- Non-traditional credit histories may be accepted.
- Fixed 30 year interest rates apply.
- There is no maximum purchase price.
- Eligible houses include existing homes, new construction, Planned Unit Developments (PUDs), modular homes, eligible condominiums and new manufactured homes.
- Eligible repairs and improvements may be included in the loan.
- Not limited to first time homebuyers.
To find out if you and your dream property qualify contact: Primary Residential Mortgage is located at 23131 Three Notch Road, Suite 201, California, MD 20619; (301) 737-0001
