With many loan options available, USDA Loans rank as THE BEST for getting into your dream home. USDA Loans have many features that make them superior to home loans through a bank. Also known as Rural Development Loans, USDA Loans are insured and guaranteed through the USDA Rural Development Guaranteed Housing Loan Program.
In the year 2015 alone, the USDA funded over 171,000 loans through the USDA Loan program to help applicants buy a home of their own. With a USDA Loan, your down payment will always be $0. While other home loans will require a down payment reaching tens of thousands of dollars, you can be assured that with a USDA Loan you are getting a NO MONEY DOWN loan.
In the year 2015 alone, the USDA funded over 171,000 loans through the USDA Loan program to help applicants buy a home of their own. With a USDA Loan, your down payment will always be $0. While other home loans will require a down payment reaching tens of thousands of dollars, you can be assured that with a USDA Loan you are getting a NO MONEY DOWN loan.
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We know that our stability is a byproduct of our experience. The experts at USDA RD Loans were here yesterday, we are here today, and most importantly, we will be here tomorrow. We became an industry leader in USDA mortgage loans by offering solutions that were built around your needs as a homebuyer.
A loan pre-qualification means that your credit and income has been verified and meets the initial loan requirements. In order to be pre-qualified a loan originator must review your credit report and your income documents to ensure you meet the loan guidelines. Please note, by law, you cannot be "approved" until the underwriter reviews your full file which includes a fully executed purchase agreement.
A USDA Mortgage Loan is a true no money down home loan that can be used to purchase an existing home. The loan is offered by a third party lender and USDA is the government agency that insures the loan. If a homeowner defaults on the mortgage USDA pays back a portion of the money lost to the lender.
When qualifying for a USDA loan you must determine how much home you can afford. How much you can afford will depend on what your current credit obligations are and your current rate of pay. Determining how much you can borrow is done by calculating your debt to income ratio. To learn more about debt to income ratios and other guidelines visit our USDA Guidelines section.
To qualify for a USDA loan you need to have a credit score of 620 or greater. Your USDA loan underwriter will review a copy of your credit report from each of the three credit bureaus (Transunion, Experian, Equifax) to determine your credit score. Each of the three bureaus will assign a credit score based off what is reporting on your credit.
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