What is a USDA home loan?
Did you know that 97% of the country’s territory may qualify for this loan? Learn how USDA loans benefit rural areas by giving more families the opportunity to own a home. Let’s get this small-town throw down started!
How do I get a USDA home loan?
The United States Department of Agriculture (USDA) designed USDA home loans to help improve the economy and quality of life in rural America. The program is intended to provide support for rural settings by encouraging mortgage lending through banks and community-managed lending pools. Be a part of the greater community when you invest in a rural property. Dreaming of a home in rural America? Want to get into your home with low upfront costs? Contact a mortgage advisor at 1-844-77-vLoan to see if you qualify. You can always compare your loan options with a free rate quote before you start.
Benefits of the USDA:
The USDA is committed to helping homeowners like you improve the economy and quality of life in rural America. Be a part of something bigger.
USDA loans often have lower mortgages rates, compared to FHA loans.
Allows no or low down payments, saving you a barn full of cash.
Potential for no down payment.
Let’s dig a little deeper – who is eligible for the USDA home loan:
It’s a small-town throw down! Do you think the USDA home loan could be the right one for you? Let’s see if you qualify:
- Your household income cannot exceed a certain amount the USDA sets. This varies by county and state, but we will check to see if you’re eligible.
- You’re interested in living in a rural area.
- Your potential home is located in a USDA eligible area. Not sure how to find out? We will check for you!
- You may be able to finance the cost of home repairs and improvements to the loan at the time of closing.
- Still not sure if you qualify? Call a mortgage advisor today at 1-844-77-vLoan to help match you up with your perfect fit.
Requirements and facts for the USDA home loan:
- Like mentioned above, your home must be in a rural, USDA-eligible area. We will check for you if you’re unsure about this.
- Your household income must meet certain guidelines and cannot exceed a certain amount.
- You can prepay your mortgage without penalties.
The nitty-gritty about USDA home loans:
- If this is your first home purchase, some costs of eligible home repairs and improvements may be added to your loan at the time of closing. This helps keep your upfront costs low.
- USDA home loans are available as 30-year fixed-rate mortgages and if rates come down, there is a USDA Streamline Refinance program available to make it easier to get a lower rate on your existing USDA mortgage.
- USDA loans don’t have a loan size limitation. Seriously, no limit! But your maximum loan amount does depend on several factors including your debt-to-income ratio, credit score, assets and income.