USDA Mortgage Loans
Learn about USDA Loans. Not just for rural properties.
Backed by the US Department of Agriculture, USDA Rural Housing Loans are available to borrowers in all parts of the country. This program was established with the intention of promoting home ownership and community growth in under-developed areas, and as a result, offers many desirable terms for home buyers. For example, this is one of the few remaining programs offering a ‘no money down’ mortgage option.
Qualifications for a USDA Mortgage Loan:
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No Credit Card. No SS#. No Hassle. USDA Loan Process Benefits of USDA Loans Types of Properties USDA Loan ProcessGet Pre-Approved to Buy Your First Home
Before you begin your search for a house, it makes sense to get e-approved for a mortgage. This will help you determine a price range for your search and whether you are likely to be approved for the loan amount you’re interested in. This will also make you a stronger buyer in the eyes of sellers and their real estate agents because you’ve already had your financial history verified in the process and a mortgage professional has established what price range fits your personal budget .
Apply for a Mortgage
Once you have a property under contract you’ll be ready to submit a full application for a purchase mortgage. You and your mortgage consultant can do much of the preliminary work ahead of time, such as identifying which loan program fits your income and gathering supporting documentation, so that once you have a purchase contract in hand you can hit the ground running.
The Road to Approval
After your application is submitted, a whole team (including you) will be at work moving the loan towards approval. The mortgage consultant and loan processor will work together to complete the other aspects of the application, ordering an appraisal of the property, conducting a title search (looking for undisclosed liens on the property), and more. You will need to arrange for homeowners insurance, and dependent on your region, possibly flood, wind and hail, earthquake, or other specialty coverage. You may also be asked to provide additional information such as more current bank statements, an explanation of where a certain deposit came from etc. Try to obtain these documents quickly, as most purchase contracts specify a time frame within which closing must take place.
Closing
This is where you sign the documents finalizing both the purchase and the mortgage financing. Depending on where you live the closing might take place at an attorney’s office or with an escrow agent. Be sure to ask questions about anything that is unclear. After closing, you generally receive the keys to your new home. Now you can celebrate becoming a homeowner!
You can qualify with a lower down payment compared to other loans.
There are several benefits of a USDA Mortgage Loan:
Properties Eligible for a USDA Mortgage Loan
The following are several examples of properties that are eligible for a USDA Mortgage Loan:
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Important: Information is gathered from multiple sources. It should be used for research purposes only, understanding average rates available on the market and not relied on for your actual interest rate. Your rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self-employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property and other considerations.. Contact your lender for specific rates the meet your particular financial situation. LoanPower is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. LoanPower is not associated with the government, and our service is not approved by the government or your lender.This is not, and is not intended to be, a mortgage application. Once you have completed this expression of interest (or information request form) your information will be sent to our participating lenders. You will be contacted by telephone and/or email. By submitting your expression of interest you are consenting to receive telephone calls from our participating lenders even if you have previously listed yourself on any internal company, state or federal Do-Not-Call List. . Privacy Policy/Terms of UseCopyright© 2020