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USDA Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.


If you’re looking for a 100% financing program and don’t mind living outside the city, the USDA (United States Department of Agriculture) program may be right for you.  To find out if an area or a specific property is eligible, follow this  link  to the USDA’s site to determine the “Property Eligibility.”  You can click  here  to get information about the income limits for the USDA program.  This program is unlike any other program in that the income of every person living in the household is counted toward the income limit, even if that person will not be on the loan.  There are exceptions to this rule but it complex so we recommend you reaching out to us with specific questions about eligibility.

USDA has a one-time upfront fee of 1% (can be financed into the loan) in addition to the regular costs associated with purchasing a home and an annual fee of .35% (paid monthly as part of the monthly mortgage payment).  

 

USDA Loans
 

Great for First-time Home Buyers

100% Financing (including Closing Costs)

No Down Payment Requirements

No Prepayment Penalties

Low Rates

Existing Homes, Foreclosures, New Construction

Benefits of USDA Loans

Who is eligible for a USDA Loan?

Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.

Some common misconceptions of USDA Loans:

These materials are not from HUD or FHA and were not approved by HUD or a government agency.


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