Our USDA Loans can help you:
- Buy a home with no money down.
- Qualify for a mortgage with a lower income.
- Low monthly mortgage insurance.
- Secure a low-interest rate.
- Buy the home of your dreams!
WHAT IS A USDA LOAN?
The USDA Rural Development Home Loan Program offers you the opportunity to buy a home with no money down. Designed for people purchasing outside of major metropolitan markets, these loans offer competitive interest rates with low monthly private mortgage insurance.
These loans are guaranteed by the US Department of Agriculture, so borrowers enjoy a lower rate than they would typically qualify for and they pay a lower than normal amount for monthly Private Mortgage Insurance (PMI). Instead, this loan requires an up-front mortgage insurance premium equal to 1% of the loan amount. This cost can be rolled into the loan so it does not have to be paid in cash at closing.
Borrowers must have an annual income that is 115% or less of the area median income, and be purchasing in an area deemed “rural” by the USDA. Eligibility can vary but is determined primarily by county, zip code, family size, annual income, and credit history of the borrower.
USDA Loans can be used to purchase a home or refinance an existing property.