Will the 3% Loan Rate Ever Return?
If you've decided to postpone buying a home because of the ...
USDA Loan
Rural Homebuying: USDA Loans
USDA loans, backed by the U.S. Department of Agriculture, provide 100% financing for rural homebuyers. These loans are designed to help individuals and families in rural areas purchase, build, or renovate homes without the need for a down payment, making homeownership more accessible.
Key Benefits
- Up to 100% financing with no down payment required.
- Fixed interest rates, ensuring consistent monthly payments.
- Closing costs can be covered by the seller or included in the loan.
- Available for new or existing homes, new construction, and even modular or manufactured homes.
- No maximum purchase price, though income and qualifying ratios apply.
Who It’s For
- Homebuyers in USDA-designated rural areas.
- Individuals and families with incomes up to 115% of the median income for the area.
- First-time and repeat buyers looking for affordable homeownership options in rural locations.
Pros and Cons of an Fixed-Rate Mortgage
Pros:
- No down payment required: 100% financing available for eligible rural properties.
- Low interest rates: USDA loans typically offer competitive rates, making them affordable.
- Flexible credit requirements: Easier for buyers with lower credit scores to qualify.
Cons:
- Geographic restrictions: Only available in designated rural areas.
- Income limits: Borrowers must meet specific income thresholds to qualify.
- Mortgage insurance required: USDA loans require both upfront and monthly mortgage insurance.
How to Apply
Get prequalified for a USDA loan today or speak with our team for more eligibility information and explore rural homeownership opportunities.
For a quicker start, complete the form on this page and start your pre-approval process today!
CONTACT US TODAY!
USDA Loan FAQs
No, USDA loans offer 100% financing, meaning no down payment is required.
Eligibility is based on income limits, location, and credit history. You must also demonstrate steady income and affordable mortgage payments.
News and Blog
Latest New Feeds
Read our latest mortgage and residential real estate insights.
Rebuilding Your Credit: A Crucial Step Towards Homeownership
If you've decided to postpone buying a home because of the ...
Explaining Today’s Low Housing Supply [INFOGRAPHIC]
If you're looking to buy a home, you may be wondering ...
