In New York, there are 14,445 residential loans backed by the USDA, with an average loan balance of $115,571. To assist first-time homebuyers, more than 85% of the loans were given. Borrowers were an average age of 36 years old. The typical appraised home value was around $118,468. The average size of the rural home bought with this loan was roughly 1,470 square feet. The size of New York is roughly 141,297 square kilometers. New York’s 19,028 square kilometer rural loan ineligibility area is defined by the USDA. See the interactive geographic illustration below for more details. Approximately 13. Traditional USDA mortgages are unavailable to 47% of the state’s residents. You can choose a county from the list below or use the search tool to look for homes in a city where you want to live.
The United States Department of Agriculture (USDA) offers eligible homebuyers a mortgage option called a USDA loan in an effort to encourage homeownership in rural areas. On eligible rural properties, USDA Loans, sometimes referred to as “RD Loans,” offer 100% financing options. You can use USDAProperties to search for USDA-eligible properties all over the state of New York.
On July 26, 1788, New York ratified the 1787 United States Constitution, where the state’s current capital is Albany.
View the specific USDA boundaries for New York if you are curious about the geographic areas that determine eligibility for USDA Loans.
How to Qualify for a USDA Mortgage in New York State
You must satisfy certain requirements based on your financial situation to be eligible for a USDA loan in New York. Some of these requirements include:
However, the property you are interested in purchasing must also adhere to certain criteria in addition to meeting these personal finance requirements.
How do you locate a property that qualifies for a USDA loan? Which regions of New York State are eligible for USDA loans?
USDA Eligible Areas in New York State
Typically, homeowners buying homes in rural areas can apply for USDA loans. Remember that not all of these “rural areas” fit your or my definition of rural. Do some research to determine whether a property is actually in an eligible area before assuming it isn’t.
Counties in NY with USDA Mortgage Eligibility
The United States Department of Agriculture (USDA) offers mortgages in some counties of New York State. These mortgages assist consumers in purchasing homes in specified rural areas by providing all those who qualify with enticing benefits.
These fully-eligible counties are:
Lewis, Montgomery, Greene, Hamilton, Herkimer, Columbia, Schoharie, St. Lawrence • Tioga.
Other counties have both eligible and ineligible areas. For detailed descriptions of each county’s USDA coverage area, click on each.
The website of the United States Department of Agriculture is a great resource for determining whether a property is eligible for USDA funding. Here, you can quickly and easily check the eligibility of a property to see if it is located in a USDA-eligible area.
Check out the USDA Income and Property Eligibility Site and follow these easy steps to find out if the property you are considering qualifies.
The map legend will also display a shaded area that delineates the boundaries of ineligible areas and eligible areas. This should be able to help with your search.
Wondering If You Qualify for a USDA Loan?
The next step is to determine whether your financial situation qualifies you for a USDA loan if the house you want to make an offer on is in a USDA eligible area. You can determine whether or not a USDA loan might be an option for you by reviewing our comprehensive list of New York USDA loan eligibility requirements.
Give Maple Tree Funding a call at 518-782-1202 or begin the mortgage application process online right away if you believe you might be eligible.
The following resources are a great place to start if you want to learn more about USDA home loans:
Everything you need to know about using a USDA loan to buy a home in New York State, including general information, benefits, and eligibility requirements
Do I Qualify for a USDA Loan? – Learn the requirements for a USDA loan in New York.
Review the procedures for applying for a USDA mortgage in New York so that you are well-prepared when the time comes for you to buy a home.
Check out our overview of how to shop for a NY mortgage here if you’re just getting started and unsure of where to start when it comes to exploring your mortgage options.
What is the downside to a USDA loan?
Geographical limitations are the primary drawback that discourages people from applying for USDA loans. Anyone who wants to purchase a home in a more urban area is ineligible for a USDA loan because they are only intended for rural areas, on the whole.
What credit score is needed to buy a house USDA?
The typical requirement for approved USDA loan lenders is a minimum credit score of at least 640 in order to qualify for a USDA home loan. However, because the USDA has no minimum credit score requirement, applicants with credit scores below 640 might still be accepted for a USDA-backed mortgage.
Is a USDA loan a good idea?
For purchasers with a moderate or low income, a USDA loan is a fantastic option. Only one other loan program (the VA loan) allows you to purchase a home with no down payment and low interest rates. It may be worthwhile to investigate a USDA-guaranteed loan if your house is in a qualifying area.
Is a USDA loan cheaper?
USDA loans typically cost less than FHA and conventional loans because they require lower down payments and have fewer or no upfront costs. Additionally, borrowers are eligible for 100% financing, and closing costs and mortgage insurance premiums may be rolled into the loan.