Realize the dream of owning a home using a USDA Rural Development Program. USDA Guaranteed loans are only offered on properties that are located in a USDA designated rural area. This program offers mortgage financing without many of the restrictions other programs may require. One of the best benefits of USDA home loans is that no down payment is required which allows families with minimal funds the opportunity to become homeowners. Not sure where to begin? Contact the Supreme Lending team today. We look forward to helping you get into the home of your dreams.
The government has a website you can use to determine eligibility for a USDA home loan. Just choose the type of loan you’re interested in and enter the property’s address to see if it’s eligible for a USDA loan. You may be surprised to learn that many properties in rural towns are eligible for USDA home loans. So even if you don’t live on a farm, you may still be able to take advantage of this type of loan.
You can only apply for a USDA loan if you’re buying or refinancing a primary residence. If you’re purchasing a second home or rental property, you’ll need to apply for another type of loan. Another possible drawback is there are income limits, so if you have a higher income than the allowed limit, you will not be eligible. And keep in mind that you’ll have to pay mortgage insurance, which will be factored into the cost of your loan.
There are testing requirements current homeowners must meet when selling property being financed by USDA home loans. For example, if there’s a well on the property, it must meet the standards set by the state or local authority or the EPA, if no standards are in place for that area. A water quality analysis will be performed to ensure the water is safe for consumption. There are also guidelines to ensure the septic system is situated correctly.
Our loan officers have the experience and know-how to guide you through the USDA loan process. They’ll work with you to complete all the necessary steps to get you into your home as quickly as possible.