USDA Mortgage Loans
Our Rates are Low and Our Process is Quick & Painless
USDA Mortgage Loans
A USDA mortgage loan is a home loan that is guaranteed by the United States Department of Agriculture (USDA) and is designed to help low and moderate-income families in rural areas to purchase, repair or renovate their homes.
What is a USDA Mortgage Loan?
A USDA mortgage loan is a type of mortgage loan that is guaranteed by the United States Department of Agriculture (USDA) and designed to help low- to moderate-income families purchase homes in rural areas or in certain suburban areas. These loans often offer competitive interest rates, low or no down payment requirements, and more flexible credit and income requirements than traditional mortgages.
Frequently Asked Questions:
What are the benefits of a conventional loan?
Some benefits of a USDA loan include Low or no down payment requirements and competitive interest rates. USDA loans often require little or no down payment, making it easier for buyers to afford a home. They also typically offer competitive interest rates that are comparable to those of conventional loans. USDA loans have more flexible credit and income requirements than traditional mortgages, making them more accessible to low- to moderate-income families. USDA loans allow borrowers to finance their closing costs, which can help reduce the upfront costs of buying a home.
Unlike FHA and conventional loans, USDA loans do not require mortgage insurance, which can save borrowers a significant amount of money. They loans are specifically designed for homes in rural areas or certain suburban areas, making them a great option for people looking to buy a home in these locations.
What is the loan process?
Here's how our home loan process works:
- Complete our USDA Mortgage Qualifier
- Receive personalized loan option
- Compare mortgage interest rates and terms
- Select the offer tailored to your needs!
What are the key features?
- Fixed Rates
- Adjustable Rates (ARM)
- Low Mortgage Insurance
- No Loan Limits
- Terms from 5 to 30 Years
Do I qualify?
There are many benefits to getting a USDA Loan. Qualified buyers can get up to 101.25% financing. There is also no down payment required for borrowers who qualify for a USDA Rural Development home loan. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage. USDA Loans generally have lower interest rates and low mortgage insurance.
What are the eligibility requirements of a USDA Mortgage Loan?
The property being purchased must be located in a rural or suburban area that is designated by the USDA. Additionally, borrowers must meet certain income requirements based on the location of the property and the size of their household. They must also have a credit score of at least 550.
What types of properties can be purchased with a USDA Mortgage Loan?
USDA loans can be used to purchase a variety of properties, including single-family homes, townhomes, and condominiums. The property must be located in an eligible rural or suburban area and must be the primary residence of the borrower.