USDA Loan Programs
USDA Mortgage Loan Highlights
- Eligibility: USDA mortgage loans are only available to borrowers who meet certain income and property location requirements. The property must be located in a designated rural area, and the borrower must have a low to moderate income.
- No Down Payment: One of the biggest benefits of a USDA mortgage loan is that it does not require a down payment. This can make homeownership more accessible for many borrowers who may not have the funds for a down payment.
- Competitive Interest Rates: USDA mortgage loans typically offer competitive interest rates that are lower than traditional loans.
- Income Limits: There are income limits for USDA mortgage loans, and the amount you can borrow will depend on your income and household size.
- Appraisal Requirements: A USDA mortgage loan requires a property appraisal to ensure the property meets certain standards. This can add additional time and cost to the loan process.
- Required Insurance: USDA mortgage loans require mortgage insurance, which can add to the overall cost of the loan.
- Fixed-Rate Loan Options: USDA mortgage loans are available with fixed-rate options, which can provide stability and predictability in your monthly payments.
USDA Loans are designed to provide affordable home ownership opportunites to low to moderate income households to stimulate economic growth in rural and subarban communities.
WHAT DOES THAT MEAN FOR YOU?
USDA Loans offer great benefits such as $0 Down Payment, Competitive Interest Rates, Low Monthly Mortgage Insurance and Flexible Credit Guidelines
If Have Moderate Income & Wish to Purchase in a Rural Community Apply for a USDA Home Loan Now!
HOW TO GET A USDA MORTGAGE LOAN
To be eligible for a USDA Loan guidelines require:
- U.S. citizenship or legal permanent resident (i.e. U.S. non-citizen national or qualified alien)
- Ability to prove creditworthiness
- Stable and dependable income
- A willingness to repay the mortgage - generally 12 months of no late payments or collections
- Adjusted household income is equal to or less than 115% of the area median income
- Property serves as the primary residence and is located in a qualified rural area
Lenders may have their own internal guidelines and requirements in addition to those set by the USDA's Rural Development program.
USDA Loan Program Terms:
- Up to 100% LTV Purchase
- Up to 100% LTV Cash Out Refinance or Streamline
- Rehab & One Time Close Construction Available
- 600 Min FICO
- $50,000 Minimum Loan
- Property Must be in USDA Eligible Area
- 1-4 Units, Condos, PUDS & Manufactured Homes Eligible