USDA/Rural Housing

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USDA Loans

A United States Department of Agriculture [USDA] loan program offers 30-year fixed-rate mortgage that is guaranteed by the U.S. government through the Rural Housing Development Authority. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.

Applicants must be unable to secure credit from other sources upon terms and conditions which the applicant can reasonably fulfill. Under this definition the applicant does not have available:

Personal non-retirement liquid verifiable assets of at least 20% of the purchase price that can be used as a down payment
The applicant cannot in addition to the 20% down payment, pay all closing costs associated with the loan

Additionally:

The property must be classified in an eligible area
The total household income must meet income limitations

Fixed-Rate Mortgage

A Fixed-rate mortgage protects you against rising rates since the interest rate remains the same for the entire term of the loan. The term means the length of time your loan is amortized. [ 15 or 30-year terms] are common lengths to choose from.

The lower term options have lower interest rates but higher monthly payments. The higher term options have higher interest rates but lower monthly payments.
Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a significant future pay increase, or the current interest rate on a fixed-rate mortgage are too high for a borrower to qualify.
Streamlined Refinance

If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. A streamlined refinance requires limited borrower credit documentation for underwriting. This may also be the right solution if you want to convert your FHA ARM to a FHA fixed-rate loan.

LOAN HIGHLIGHTS

Zero Down Payment

Seller Can pay up to 6% of Sales Price towards borrowers closing costs and prepaid items

Property must be in Eligible Area

Household Income must be within limits

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Conventional: Home loans insured by the Federal Housing Administration can make it easier to qualify, purchase or refinance a home.

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