USDA Loans
What Are USDA Loans?
USDA loans, also known as United States Department of Agriculture loans, are mortgage loans that are designed to assist low- and moderate-income individuals purchase homes in rural areas. These loans come with several benefits, including zero down payment, low interest rates, and 30-year fixed rates.
There are two primary types of USDA loans:
- Single Family Housing Guaranteed Loan Program: This program allows funds to be used for new or existing residential properties that will serve as a permanent residence. The structures can be detached, making it a versatile option for potential homeowners.
- Single Family Housing Direct Home Loans: Also known as the Section 502 Direct Loan Program, this provides a path to homeownership for low- and very-low-income families living in rural areas.
To be eligible for a USDA loan, there are specific requirements that need to be met. These include income eligibility and the property must be located in an eligible rural area. To learn more about these requirements, you can visit the USDA’s eligibility site.
Remember, while USDA loans provide an excellent opportunity for qualifying individuals to own a home, it’s important to fully understand the terms and conditions. Always consult with a trusted financial advisor or mortgage professional before making your decision.
What You Need to Know About USDA Loans?
- Financing for Rural Locations
- Must meet Low to Medium Income Requirement
- No Down Payment Requirement
- Guarantee Funding Fee
- Debt Ratios of 29/41
- Competitive Rates
- Government-Backed
- Finance Closing Costs
- Low PMI Requirement
- Property Size Can't Exceed 2000 Square Feet
Other Service
Our Pre-Approval Process
Follow the 5-Step process to guaranteed success in your home buying journey. Our goal is to ensure a smooth and fluid process, which is achieved educating you every step of the way. Let us guide you home!
We begin by understanding your financial goals and needs and discussing various loan options available to you in detail.
Once you've chosen the right loan program, we assist you in completing the loan application accurately and efficiently.
You'll securely upload necessary documents such as income statements, tax returns, and identification to our online portal for review.
Our team reviews your application and documents to ensure everything is in order and meets lender requirements.
Upon successful review, you'll receive pre-approval, indicating that you meet initial qualification criteria, giving you confidence as you move forward with your home purchase.
Ready to Start The Pre-approval Process?
Its never too early to start the pre-approval process!
Choose us for our unparalleled expertise and years of experience in the mortgage industry. Our team of professionals possesses deep knowledge and understanding of the market, ensuring you receive top-notch guidance and advice throughout the loan process.
With us, you can trust that you're working with a transparent and trustworthy partner. We believe in open communication, honesty, and integrity, providing you with clear information and guidance to make informed decisions confidently. Choose us for a seamless and trustworthy mortgage experience you can rely on.
we offer flexible fees and an easy process, ensuring a hassle-free experience from start to finish. Choose us for a seamless and trustworthy mortgage experience you can rely on.
