Overview
Buying a home with little or no down payment can provide opportunities for buyers that otherwise may not be able to become homeowners.
Little to No Down Payment
Purchase your home with as little as 0% down payment.
More Term Options
30, 25, 20 and 15-year terms are all available with fixed rates. 5-year adjustable rate mortgage is also available.
Additional Benefits
No monthly PMI (Private Mortgage Insurance). USDA loans are governed by the U.S. Department of Agriculture.
Pay Off Any Time
Pay your mortgage off at any time without pre-payment penalties.
USDA Loans offer flexible options as either Fixed Rate or Adjustable Rate mortgages.
What is a USDA Loan?
The United States Department of Agriculture, USDA, administers the program but does not actually loan money. Similar to loans backed by the Department of Veterans Affairs, VA, or Federal Housing Administration, FHA, these loans are guaranteed by the USDA. Private lenders, such as banks or credit unions, still loan money to the home buyer but they know that the USDA will pay if the borrower is unable.
This allows lenders to assume less risk, and as a result they are okay requiring less money down.
What is Required for an FHA Loan?
Contrary to its name, the USDA loan is not only available for those in an agricultural setting. The USDA loan is designed to help “low and moderate income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.”
To use the USDA loan, applicants must meet income requirements and be purchasing a home for their own primary use in an eligible area. Potential homeowners can look up each property’s address to see if it qualifies or talk to a lender about using a USDA loan in their area. The loan can be used for new homes, existing homes, and even homes that need some renovations.
Single Family Housing Guaranteed Loan Program.
Low Income
Household income limits apply and are based on location.
Limited Area
Only available in certain areas of the U.S. speak to specialist to learn where.
No Money Down
Buy a home with no money down (primary home).
Refi
Refinance up to 100% of your primary home’s value.
Our team of experts
is here for you.
Request a Quote
Free consultation from a mortgage expert.
Get Pre-Qualified
Be more attractive to sellers as pre-qualified.
Speak to a Loan Officer
Here to help you through the loan process.
Mortgage Calculator
See payment breakdown over different scenarios.