These loans are very popular with the high Loan-to-Value (LTV) allowed for closing cost to be rolled into loan for a true “ No Down Loan”. With many properties qualifying for USDA even though they can hardly be considered “rural” is it wise to run the address and check before ruling out any location on your own.
USDA requires only approved lenders administer these loans, I am happy to be one of those lenders. Make sure if you are working with a lender and getting a USDA loan that your lender is approved, experienced and knowledgeable when it comes to the ins and outs of USDA loans.
This loan can be used to Purchase or Refinance and it’s not just for farmers so take a look and see if the property you are looking to purchase or refinance falls under the “rural” USDA guideline because this is a great loan product with great rates and easy terms.
- 102% Financing
- No Down Payment
- No Mortgage Insurance
- Great Low Interest Rates
- Loan Amounts up to $417,000
- No Cash Reserve Requirements
- 6% Seller Contribution Limitations
- 100% Gifted Closing Costs allowed
- 30 year low fixed rate loan
- No Prepayment Penalty
- Primary Residents only (no rentals/investments)
- Possible to roll closing costs into the loan
- Non-borrowing spouse must now disclose his/her debt even if not on the loan
For more information go to USDA Home Loans
For Eligibility go to; USDA Income and Property Eligibility Site
ACMC, Loan Consultant