Benefits of a USDA Home Loans
- Rural Properties Only – See USDA Eligibility Map
- 100% Financing
- Low fixed interest rates
- No cash reserves required
- Flexible credit and qualifying requirements
- Guaranteed by the US Department of Agriculture
- No Maximum on Loan Amounts
- Up to 6% Seller Concessions
- Reduced Monthly Mortgage Insurance
- FHA/USDA Certified Appraisers only
- New Manufactured Home Only
What Is a USDA Loan?
A USDA loan provides money to individuals purchasing homes in rural areas. Typically, these individuals have low to moderate income to their names.
If you’re seeking to purchase a rural property, a USDA loan is the tool you’ll need to get this done. Lenders also receive a sense of protection in that they receive a 90 percent lending note when they provide money to users. This reduces their risk of extending an entire loan to an individual and ensures that they’ll receive a good portion of the funds back should the buyer ever default.
How Do I Qualify for a USDA Loan?
The best way to qualify is to reach out to a Loan Officer at A1 Mortgage, who will evaluate your creditworthiness, and collect all necessary documentation to issue you a pre-approval that ensure you can qualify and begin your home shopping journey.
What Is the Purpose of a USDA Loan?
A USDA loan was designed to give low-income individuals a chance to own property. The program is meant to prevent discrimination from lenders and assure that everybody gets their due when applying for a home loan. If you don’t have enough money to your name, a USDA loan can potentially put you and your family in a home fast.
In addition, USDA loans ensure that rural areas always remain occupied. This keeps the property values of these areas in steady shape, especially when most buyers are more likely to seek homes in suburban areas.
Are You Looking for USDA Loans?
If you’ve found a home in a rural area and you need help obtaining USDA loans, please get in touch with A1 Mortgage, where our experts are trained to find the best USDA loan options for our customers and are happy to do the same for you.
| Table Header | Table Header |
|---|---|
| Minimum FICO Credit Score | 620 |
| Minimum Down Payment | 0% |
| Maximum Loan To Value | 100%* |
| Maximum Debt To Income | 41%* Exceptions to 45% |
| Mortgage Insurance | Yes |
| Years Since Bankruptcy | 3 |
| Years Since Foreclosure | 3 |
| Years Since Short Sale | 3 |
| Special Qualification Requirements | USDA "Rural" Property Only |
