If you thought U.S. Department of Agriculture (USDA) loans were just for farmers, think again. Learn more about USDA loans and how you can take advantage of their many benefits.
Long thought of as just for farmers, the USDA loan program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.
We offer USDA Guaranteed Rural Housing Loans. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area. Applicants may have incomes up to 115% of the area’s median income and must be able to afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process. The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required, which sets these loans apart from more traditional home loans.
USDA Loan Benefits
USDA loans offer a number of unique benefits that set them apart from standard home loans. USDA loans require no down payment, so qualified individuals can finance up to 100% of the home’s total purchase price. This makes them one of the more desirable loans available to homeowners.
- 100% financing option available
- Great rates and down payment options
- Better terms than a FHA or conventional loan
- Flexible credit guidelines mean less than perfect credit may still qualify
Who Is Eligible for a USDA Loan?
Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. Our experienced USDA financing professional will help you navigate through the USDA loan process and determine if you are eligible.
- The property being purchased must be in a rural area as defined by the USDA.
- The property must be owner-occupied. Investment or vacation properties are not eligible for USDA loans.
- You must meet the income restrictions for the county the property is located in. Each county has a maximum income limit defined by the USDA. This maximum income limit depends on the cost of living, median income and other economic characteristics of the county the property is located in.
Learn More About the USDA Loan Process
Want to know if a USDA loan is right for you? Contact us and a qualified loan professional will walk you through the USDA loan application process and answer any questions that may arise.