AMCAP Home Loans Opens New USDA Loan Branch in New Caney, TX

August 9, 2018 —

AMCAP Home Loans and Ashley Nicodemus are pleased to announce the opening of their new location in New Caney, Texas. The company offers access to USDA loans for homebuyers in the area. This type of loan is intended to provide assistance for individuals with low to moderate incomes who are seeking to purchase, build or renovate a property. The loan has somewhat lower qualification requirements than most loans currently available in the marketplace. The loan category targets those with not so perfect credit scores and financial circumstances who might otherwise be prevented from becoming a homeowner.

There is a misconception that this type of mortgage loan is only a farm loan designed to purchase properties located in rural areas. On the contrary, most parts of the country that are not in the metropolitan regions are eligible for USDA lending opportunities. The website for AMCAP contains information about the qualifications and requirements on how to obtain the loan, as well as other information.

In addition to being a citizen of the United States, those who qualify for a USDA loan must meet certain income requirements. The income is adjusted within parameters related to the size of the household and the Area Median Income. The AMI varies according to the state and the locality. The applicant must also present proof of stable employment, to prove that he or she will be able to repay the loan as granted.

For applicants who can document compliance with the income requirements, there are additional components which go to receiving a loan. These factors are the mid-FICO score of 640 or higher; the debt-to-income ratio must not exceed 41 percent of monthly income before taxes. A maximum of 29 percent of the gross income should be used to cover mortgage responsibilities. The property should adhere to the parameters imposed by the USDA, in accordance to HCHP and/or HUD standards and the home should be used as the primary dwelling residence.

More information is available at https://texasusdaloans.org/new-caney-mortgage/.

Contact Info:
Name: Ashley Nicodemus
Email: Send Email
Organization: AMCAP Home Loans
Address: 20842 US Highway 59 #E, New Caney TX 75357
Phone: (281) 949-7218
Website: https://texasusdaloans.org/

Release ID: 391293