What is a USDA Purchase Loan?
USDA loans (US Department of Agriculture) offer full financing of a home with no money down. USDA loans are for homes in rural and less densely populated areas. USDA loans are made to encourage homeownership in rural and less densely populated communities. You must meet certain income requirements as well.
Is a USDA Loan Right For Me?
USDA loans would be best for buyers looking to purchase a home in an eligible area. If you are looking to save money with little or no down payment a USDA loan might be a good fit. They also feature flexible qualifying credit score guidelines, lower interest rates, and lower mortgage insurance payments. Applicants will also need to be employed for two years. USDA loans offer savings and competitive rates for lower-income borrowers.
- No down payment requirement for qualified borrowers
- No cash reserve requirements
- The seller can pay closing costs
- Specifically for clients who may be challenged to qualify on income for a home purchase in an eligible rural area
- Funds can be used to build, repair, renovate or relocate a home
- USDA high balance available
How Do I Get a USDA Loan?
Once you have decided a USDA refinance loan will fit you best, contact us and speak with a Carrington loan officer. We will be happy to answer any questions and walk you through the application process.