USDA Home Loan
A USDA home loan is perfect for rural and suburban homebuyers.
Your Community Lending Mortgage Expert can verify if your area qualifies for USDA’s no down payment option.
For homebuyers with low to moderate incomes, this may open the door to purchasing a new or existing home in eligible areas. With USDA, you can finance some of the closing costs and utilize gift or grant funds or seller contributions. You don’t need to be a first-time homebuyer, and if you have past credit challenges, you still may be eligible. We’ll be happy to review your eligibility to determine if this is the right home loan for you. Let’s see if you meet the criteria. USDA home loans have helped many become homeowners!
- 30-year fixed loan with no money down
- No loan amount price limits – borrowers loan qualifying limit is based on the income/debt
- Low fixed interest rates (USDA interest rates are very similar to FHA or VA Mortgage rates)
- Flexible credit guidelines – 620 credit score needed
- Income limits are around the average income of the area, so many will qualify
- There is no recapture fee (no penalty for selling the house)
- USDA closing costs can be paid by the home seller, and/or added to the borrowers loan amount with a satisfactory appraisal.
- The home being purchased can be any single family home, condo or town house located in a USDA approved location. No other special designations needed.