About Bedford County, PA

Looking to buy a home in Bedford County, Pennsylvania?

You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage, also known as a Pennsylvania USDA Rural Development Loan. Here's Why... USDA home loans offer a few benefits that other mortgage programs cannot match: including no down payment and financed closing cost. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table. USDA is the only mortgage program that allows for all closing costs to be financed into the loan amount on a home purchase. Interest rates for USDA mortgages are comparable and often lower than the low fixed rates of Conventional, FHA and VA financing. The USDA Mortgage program does have restrictions when it comes to location and income, so a quick check on this key qualifying criteria should be done first.

Benefits of the USDA Mortgage Program True 100% no money down financing. The ability to finance in your closing costs (if the appraised value supports the loan amt) The seller may contribute up to 6% of the purchase price towards your closing costs Low fixed interest rates. More flexible credit qualifying guidelines with minimum 620 credit score Often available for properties in towns and suburbs too

What areas of Bedford County are eligible for USDA Financing?

The USDA has zoned ALL of Bedford County as eligible for their USDA Rural Development Mortgage Program.

USDA Eligible Areas in Bedford County include...

• Alum Bank
• Bedford
• Coaldale
• Defiance
• Earlston
• Everett
• Hopewell
• Hyndman
• Manns Choice
• New Paris
• Osterburg
• Rainsburg
• Saint Clairsville
• Saxton
• Schellsburg
• Stonerstown
• Woodbury

What are the USDA Mortgage Income Limits for Bedford County?

Household Size: 1-4 Family Members 5 or more Family Members

Maximum Adjusted Income $74,050 $97,750

If at first glance, it appears your household income exceeds the above limits, it is worth checking the USDA Income Calculator on the USDA website (link below). The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines.

USDA Income Eligibility Worksheet

Ok, the Property is in a USDA Eligible Area and your Household Income is within the USDA Income Limits, now what?

Like all mortgages, USDA Mortgages do require an applicant to qualify based on recent credit history. USDA credit requirements are some of the most flexible of any mortgage program available. More detailed information about USDA Mortgage Credit Requirements can be found with the link below...

USDA Credit Requirements

For buyers looking to purchase a home in Bedford County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.

100% USDA mortgage is a great way to finance the purchase of your next home in Bedford County, PA. These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table. Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing.

All of Bedford County is located within the USDA eligibilty area. The USDA zoning map can be found here...

http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do

Benefits of a USDA Rural Development loan include:

• True 100% no money down financing.
• The ability to finance in your closing costs (if the appraised value supports the loan amt)
• The seller may contribute up to 6% of the purchase price towards your closing costs
• No Mortgage Insurance
• Low interest rates.
• More flexible qualifying guidelines with minimum 620 credit score

USDA mortgages do have income restrictions so click here to check on those...

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedIncomeLimits&NavKey=incomelimit@1

The combination of no down payment and seller paid closing costs often enable home buyers using a 100% USDA Mortgage to have no money due at the closing table. With the low USDA mortgage rates and no money due, many buyers are able to own a home for less than the cost of renting.

If buying a home in Bedford County PA, make sure to check out a USDA Mortgage.