USDA home loans are offered in rural areas as determined by the United States
Department of Agriculture (USDA). The USDA’s mission is to help lower income households
obtain home loans at reasonable mortgage rates. USDA home loans offer many advantages
to qualified borrowers.
USDA mortgage loans allow for purchase and no cash out refinances of primary residences.
Some benefits of USDA are:
100% financing
No monthly mortgage insurance
No asset or automatic reserve requirements
Gifts allowed for closing costs
Required property improvements can be financed into the loan up
to 102% of the "improved" value. (USDA will allow repairs to be completed after
closing!)
Eligible USDA property types include single family homes, condominiums and manufactured
housing*. USDA does have some income
and property
eligibility requirements.
Even though a mortgage insurance premium is not required, USDA charges a 2% funding fee
to guarantee the mortgage. This fee may be financed into the loan amount.
*Must be on permanent foundation.
Live Customer Satisfaction Survey
Read what customers say about our level of service.
Posted: 11/05/09 10:58 AM
The service is very fast. The representatives have been outstanding in their assistance; polite and professional all the time. Ten days into the process and just waiting for completion.
Posted: 11/05/09 10:30 AM
Meridith Bunch & Robert Katz are great to work with as we are sure all of your employees must be.
Posted: 11/05/09 10:28 AM
Always keeping us posted and making us feel good about our mortgage.
Posted: 11/05/09 10:03 AM
Very knowledgeable staff that are completely responsive to my questions, Easy to use web-site where you can track yur loan process.. . .
