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Your Quick Guide on USDA Loans...
Why choose a USDA Loan?
There are many benefits when going with a USDA loan. Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage. The main difference is that USDA loans have a much lower debt-to-income ratio of 43% versus a 55% DTI cap on FHA loans.
Our USDA Loan Rates Are At an All Time Low!
The United States Department of Agriculture (USDA) gives out a variety of loans to help low-income to-moderate-income borrowers 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. Though the terms and details of these loans differ, all offer very low effective interest rates (some are as low as 2 percent) and don’t require a down payment.
To qualify, you will need to have a decent credit history, and FICO of 640 or above. If you have credit issues, we can help you build your credit to make sure you qualify for these types of loans.
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.
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Here’s how our USDA loan process works:
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Complete our simple Mortgage Application
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Receive options based on your unique criteria and scenario
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Compare mortgage interest rates and terms
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Choose the offer that best fits your needs