USDA 100% Financing
“Understanding your financial needs and goals is important to us, and we are committed to securing financing that meets your needs.”
What is a USDA Housing Loan?
USDA is a Rural Housing Loan that is Federally insured by the USDA and is designed to promote the development of rural and suburban areas of the United States. A home has to be in an eligible geographic location as defined by the USDA Eligibility Maps. This does not mean that the home has to be a farm or have cows on it. To the contrary, eligible areas include communities that you would not consider rural. Many areas are USDA eligible; don’t assume that they are not. Please contact us or use the link below to determine eligibility.
RURAL HOUSING PROGRAM DETAILS:
- No Minimum Credit Score
- No First Time Home Buyer Requirement
- No Maximum Loan Amount
- Must not own any other adequate Housing
- Purchase transaction only (you can refi an existing USDA loan)
- Owner Occupied only
- Must provide proof of Income
- Must provide proof of Assets
- Only Occupied Homes Only
- Must meet Income Guidelines based on Household Size
RURAL HOUSING LOAN TERMS:
- 100% Financing based on appraised value
- Low Mortgage Insurance
- 30 Year Fixed Rates Lower than Conventional
- USDA Guarantee Fee is Financed into the Loan
- 6% Seller Contributions Allowed
- Finance Closing Costs and Prepaid Items within Appraised Value
- Escrow Hold-Backs up to the lesser of 10% of purchase price or $10,000 allowed for repairs
