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USDA & VA

USDA Loans

Certain populations of people may be eligible for special loan terms through two government agencies: The United States Department of Agriculture and the Department of Veterans Affairs. USDA loans are designed to help low-income Americans purchase, repair and renovate homes in rural areas of the country. In order to qualify for this type of loan, the borrower must have an income that falls between 50 and 80 percent of the area's median income; in other words, they are generally considered low-income borrowers. Houses purchased through this program must be considered "modest" for the area and must meet FHA property standards to be eligible.  Low-income borrowers who are considering purchasing a rural home should consult with us to learn more about the USDA loan program.
 

VA Loans

Loans through the VA are only available to those who have served in the military, including the National Guard and Reserve. To be eligible for these loans, borrowers must be either veterans or active duty. There are a variety of service limits that must be met in order for the borrower to be eligible as well. For example, any veteran who has been serving from 1990 to the present must have served for 24 continuous months, among other requirements. National Guard and Reserve members must have served for at least six years before being placed on the retired list, receiving an honorable discharge or being transferred to a Standby or Ready Reserve unit. Our Loan Officers will be able to help veterans learn more about their eligibility for these special loans.
 

Special Types of Loans

As you can see, there are a number of mortgage options that may be available to borrowers during the home-buying process. It is important to carefully consider your financial situation and project your desired future payments before committing to a mortgage loan. Consulting a Loan Officer may help borrowers understand the risks and benefits of each type of loan.  Do not discount any of the loans simply because they offer a non-traditional format. Check with a mortgage professional to determine which mortgage is right for you!

TUCKER MORTGAGE, LLC
9201 N. MERIDIAN ST., STE 200, INDIANAPOLIS, IN  46260
Toll Free:  (800) 257-1195
Direct:  (317) 472-9201
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