We make your USDA mortgage easy!
Thinking about purchasing a home? All Things Mortgage has USDA mortgage loan options that can work for your needs.
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All About USDA Mortgage Loans
The USDA mortgage loan is officially known as the Section 502 Single Family Housing Guaranteed Loan Program. This mortgage option is possible for so many home buyers in the US. It’s popular because of the zero down payment option. These are for people who prefer living in rural or suburban areas. Get away from the bustle of the city. Here at All Things Mortgage, we have the perfect home purchase options just for you. Even better? We’ll work with you so we can find a location eligible for low rates and favorable in terms of a USDA mortgage.
Types of USDA Loans
Living away from the city is perfectly possible thanks to the US Department of Agriculture’s mortgage program. You have three programs to choose from:
Direct Loan
Direct loans are good options when you’re at a financial low. Issued by the USDA, these mortgages are for low and very low-income applicants. They vary by region. And with subsidies, interest rates can come as low as 1%.
Guaranteed Loan
Similar to VA and an FHA loan, USDA guarantees a mortgage issued by a participating local lender. This allows you to avail of low interest rates without a down payment. No money-down? You’ll have to pay mortgage insurance premium.
Rural/Rehabilitation Loan
These loans are classified as financial awards, and they permit homeowners to make repairs or renovations to their homes. Packages can also combine a loan and a grant. It provides up to $27,500 in assistance if you want to modernize a home.
Types of USDA Loans
Living away from the city is perfectly possible thanks to the US Department of Agriculture’s mortgage program. You have three programs to choose from:
Direct Loan
Direct loans are good options when you’re at a financial low. Issued by the USDA, these mortgages are for low and very low-income applicants. They vary by region. And with subsidies, interest rates can come as low as 1%.
Guaranteed Loan
Similar to VA and an FHA loan, USDA guarantees a mortgage issued by a participating local lender. This allows you to avail of low interest rates without a down payment. No money-down? You’ll have to pay mortgage insurance premium.
Rural/Rehabilitation Loan
These loans are classified as financial awards, and they permit homeowners to make repairs or renovations to their homes. Packages can also combine a loan and a grant. It provides up to $27,500 in assistance if you want to modernize a home.
Need a Consultant for Your USDA Loan Options?Need Consultation?
For your USDA loan concerns, don’t hesitate to come to us. We provide services that are right for your budget and tailored to your preference. Drop us a line today.
USDA Loan Rates
A USDA loan is backed by the government. And it’s primary purpose is to provide affordable homeownership opportunities to low-to-moderate income families. It’s also for stimulating economic growth in rural and suburban areas throughout the United States. USDA loans also typically offer some of the lowest interest rates on the market. They are determined by several factors, but the primary factor is your credit profile, like other mortgage options.
USDA Eligibility
The USDA defines a qualified rural area as any area with a population under 35,000, and has a lack of mortgage credit for qualified families.
You are eligible if:
- A US citizen or a permanent resident.
- Have a dependable income history.
- Have a history of dependable income.
- Monthly loan service fee must not exceed 41% of income.
- A good credit history; no default accounts within the last 12 months.
- Potential home must be within government approved suburban or rural area.
USDA Requirements
The USDA tends to issue and guarantee mortgages when applicants are in desperate need of financing. Aside from eligibility qualifications, there are requirements that you need to meet as a borrower, of course.
Credit
The USDA doesn’t set a minimum credit score requirement, but most lenders do. Have at least 640.
Loan limit
For most areasm, the income limit for households of 1-4 family members is $75,650 and up to $153,400.
Closing costs
To finance closing costs under the USDA, the home must appraiser for more than the purchase price agreed on.
Down payment
USDA mortgage’s biggest benefit is 100% financing, zero down payment for eligible borrowers.
Mortgage insurance
Lower interest rate makes monthly payments affordable. USDA mortgage interest rate is now at 3.25%
Repeat buying
Applying for a USDA is perfectly doable as long as you’ll be using it as your primary residence.
Other USDA Requirements to Consider
The USDA tends to issue and guarantee mortgages when applicants are in desperate need of financing. Aside from eligibility qualifications, there are requirements that you need to meet as a borrower, of course.
Credit
The USDA doesn’t set a minimum credit score requirement, but most lenders do. Have at least 640.
Loan limit
For most areasm, the income limit for households of 1-4 family members is $75,650 and up to $153,400.
Closing costs
To finance closing costs under the USDA, the home must appraiser for more than the purchase price agreed on.
Down payment
USDA mortgage’s biggest benefit is 100% financing, zero down payment for eligible borrowers.
Mortgage insurance
Lower interest rate makes monthly payments affordable. USDA mortgage interest rate is now at 3.25%
Repeat buying
Applying for a USDA is perfectly doable as long as you’ll be using it as your primary residence.
Benefits of USDA Loans
USDA mortgage loans have a guarantee, and for this reason, lenders are willing to offer eligible homebuyers advantageous terms and rates.
Following benefits:
- 100% financing; zero down payment.
- Low monthly mortgage insurance.
- Lenient and flexible credit requirements.
- Reasonable interest rates.
- Repeat-buying is doable.
Where Do You Get The USDA Loans?Where to Get USDA Loans?
Applying for a mortgage loan as affordable and advantageous as the USDA can be a daunting task. Finding the right lender, and getting all the details right can prove to be a bit difficult.
How do you get started? How do you know what works for you and what does not? Are you getting the best deal?
All Things Mortgage understands how important a mortgage process is. And that’s why we make it a priority to ensure you’re getting the best deal out there. If you’re ready to get started on exploring your USDA mortgage options, drop us a line today to get started immediately.
