USDA Loans
The Lowdown on USDA Loans...
Why a USDA Loan?
Our USDA Loan Rates Are Low & Our Process is Quick & Painless
The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. Some of the popular types of loans are: the single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify.
Though the terms and details of these loans differ, all offer very low effective interest rates (some are as low as 1 percent) and don’t require a cash down payment. To qualify, you need to have a decent credit history.
We’re here to make the USDA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE USDA Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The USDA Loan Process
- Check Eligibility: Verify property location and income limits for USDA loan eligibility.
- Choose a Lender:Find a lender that offers USDA loans.
- Get Pre-Approved: Submit financial details for pre-approval.
- Find a Home:Search for a property in a USDA-eligible rural area.
- Submit Loan Application: Complete the loan application with necessary documents.
- USDA Appraisal: Lender orders an appraisal to ensure property meets USDA standards.
- Loan Processing: Lender reviews and approves the loan.
Benefits of the USDA Loan Process
- No Down Payment:: 100% financing available, no down payment required.
- Low Interest Rates: Competitive interest rates compared to other loans.
- Lower Mortgage Insurance: USDA loans have lower mortgage insurance costs than FHA loans..
- Flexible Credit Requirements: More lenient credit score requirements.
- Rural Development Focus: Designed for properties in eligible rural areas, encouraging homeownership in less populated regions.
