Buy a Home in Quakertown with No Down Payment
Quakertown, Pennsylvania is eligible for the No Down Payment USDA Mortgage Program.
Thinking about buying a home in Quakertown?
Photo Credit: By Smallbones - Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=51133995
You may want to check out the USDA Mortgage Program. Also known as Rural Development Loans, the USDA Mortgage Program allows home buyers to purchase a home with no down payment and often no money at all needed at closing. The USDA Mortgage Program has geographic restrictions and is only eligible in areas that the census maps designate as non-metro. Often this designation includes Pennsylvania towns, such as Quakertown.
Quakertown is zoned eligible for the USDA Mortgage Program.
It may not feel rural when you are walking down South Main Street in Quakertown but the census maps that the USDA uses for their Rural Development Loan Program have decided that Quakertown qualifies as rural for the sake of the No Down Payment USDA Mortgage Program. Most of Upper Bucks County is also eligible for the USDA Mortgage Program too. To find out about other areas of Bucks County, Pennsylvania that are eligible visit the Bucks County USDA page.
To check to see if a specific home in Quakertown or Bucks County, Pennsylvania is USDA Eligible call 717-745-8380 or email USDA@keystonehomefinance.com
Bucks 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
