If you thought U.S. Department of Agriculture (USDA) loans were just for farmers – think again. Let us educate you about USDA loans and help you take advantage of their many benefits.
USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.
First United Bank Mortgage offers USDA Guaranteed Rural Housing Loans. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area. Applicants may have incomes up to 115% of the area’s median income and must be able to afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process.
The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required, which sets these loans apart from more traditional home loans.
Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. An experienced USDA financing professional at First United Bank Mortgage will help you navigate through the USDA loan process and determine if you are eligible.
Basic qualifications include:
USDA loans offer a number of unique benefits that set them apart from standard home loans. USDA loans require no down payment, so qualified individuals can finance up to 100% of the home’s total purchase price. This makes them one of the more desirable loans available to homeowners.