Loan Program
Rural Housing (USDA)
USDA Housing
USDA loans, offered by the United States Department of Agriculture, are designed to assist rural and suburban homebuyers in achieving their homeownership dreams.
These loans provide affordable financing options with low or no down payment requirements, making homeownership more accessible to those in rural communities. With competitive interest rates and flexible eligibility criteria, USDA loans aim to support individuals and families in purchasing homes in areas designated as eligible by the USDA, fostering economic growth and stability in rural America.
Requirements
- Terms:
- 30 years, fixed rate
- Down Payment:
- None
- Credit Score:
- 600 minimum
- Mortgage Insurance:
- No
- Maximum Loan Limit:
- *Up-Front Guarantee Fee financed into the loan. Yes, varies by county
Rural Housing (USDA)
Rural Homeownership Made Accessible:
USDA loans are designed to support homeownership in rural and eligible suburban areas, providing opportunities for individuals in communities that may not qualify for conventional financing.
Zero Down Payment:
Enjoy the advantage of a zero-down payment requirement, making homeownership more attainable for those with limited savings.
Affordable Interest Rates:
Access competitive and affordable interest rates, ensuring that your mortgage is both cost-effective and conducive to long-term financial stability.
Flexible Credit Requirements:
Benefit from flexible credit requirements, allowing a broader range of applicants, including those with varying credit histories, to qualify for a USDA loan.
Guaranteed and Direct Loan Options:
Choose from guaranteed and direct loan options, tailoring your financing approach to your specific needs and eligibility.
Income Eligibility Criteria:
USDA loans consider income eligibility, but they are designed to assist moderate to low-income households, providing support to those who may not qualify for conventional loans.
Property Eligibility:
Explore a wide range of eligible properties, including single-family homes, townhouses, and certain condominiums, expanding your options for rural homeownership.
Upfront Guarantee Fee and Annual Fee:
While USDA loans don’t require a down payment, there are upfront guarantee fees and annual fees, contributing to the overall cost of the loan but often at more affordable rates than private mortgage insurance (PMI).
Home Repair and Renovation Financing:
USDA loans can include financing for necessary home repairs and renovations, allowing you to create a comfortable and safe living space.
Support for First-Time Homebuyers:
USDA loans are an excellent option for first-time homebuyers in eligible areas, providing a pathway to homeownership with favorable terms and financial support.
Community Development Focus:
ontribute to the development and stability of rural communities by choosing a USDA loan, fostering growth and sustainability in these areas.
