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The Lowdown on USDA Loans...

USDA-Loans

Our USDA Loan Rates Are Low & Our Process is Quick & Painless

The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy a home in a rural area.  This guide will help you figure out what these loans are and whether you qualify.

Program Benefits:

  • 100% financing on a fixed-rate loan, based on the appraised value of the home.
  • One-time 1% guarantee fee may be included in financing.
  • Monthly .35% USDA fee is included in the monthly payment and is often less expensive than private mortgage insurance.
  • No down payment required.
  • Competitive interest rates.
  • Lender fees and closing costs (including prepaid funds) may be contributed by the seller or may be eligible to include in the loan, depending on the appraised value.
  • Gifts or grants permitted from family, friends, and non-profit agencies.

 

We’re here to make the USDA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE USDA Loan Qualifier.

Why a USDA Loan?

There are many benefits, including: no down payment required; borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage.

Both first-time and experienced homebuyers may take advantage of a USDA Home Loan, provided they meet the following qualifications:

  • Income limits cannot exceed the USDA’s Rural Development SFHGLP income limits for the area.
  • Must have a minimum credit score of 640 and debt-to-income ratio of 41% (Higher DTI allowed with scores over 680).
  • Eligible properties include existing single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.

Get Your FREE USDA Loan Quote Now!