USDA Home Loans
A USDA Home Loan can provide an excellent source of capital for borrowers looking to buy homes in rural areas throughout Washington & Oregon State. Under the USDA Mortgage Program households can borrower up to 102% Loan to Value (LTV) for a new home purchase and refinance existing USDA loans. This program has become extremely popular in the last 2 years because it is one of the only mortgage programs that allow for a Zero Money Down Purchase.
Benefits of a USDA Home Loan
- Up to 100% LTV loans for existing homes or new construction
- Very Low Interest Rates – as compared to high LTV conventional loans
- Monthly Mortgage Insurance (MI) is not required
- Target specifically for homeowners in rural areas of Washington State
- No requirements to be a “first-time” home buyer.
- Minimal or Zero cash to close because of high LTV Limits
- One-time guarantee fee, payable to Rural Development (RD) at closing, which can be rolled into the new loan balance above the appraised value, as follows:
- Purchases – 3.50% of loan amount
- Refinances – .50% of loan amount
- 30-year fixed-rate mortgages, fully amortized
- No penalty for pre-payment.
- No maximum loan limit.
- Loan limits are based on borrower’s income with respect to program eligibility
- Program allows for credit scores of 620 and up
How to get started your USDA Loan started…
- Contact the USDA Mortgage Group to determine if a USDA loan is the best fit for your situation
- Submit an Online Application to determine USDA Program eligibility
- Lock Interest Rate and start the loan process
We are closing USDA Mortgages in Washington & Oregon
If you would like to work with a trusted USDA professional based in Washington or Oregon, give us a call today. We provide an attractive mix of low interest rates, local expertise, and one-on-one customer service. Our motivation comes from building client relationships for life.