USDA Loan
How USDA Loans Work
The USDA home loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. USDA loans require no down payment and you may finance up to 100% of the property value. With low upfront and monthly Mortgage Insurance, the USDA Home Loan is a better option than FHA.
Click to watch our 5-minute video explaining the benefits of the USDA Home Loan!
Features
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Will lend 100% of the purchase price
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Permits financing of closing costs if the market value is higher
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30 Year term with fixed rates
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Buy a home with ZERO down payment
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No Credit Score limit
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Lower monthly Mortgage Insurance (MI) and lower upfront MI Funding Fee than FHA Loans.
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Property must be USDA eligible to qualify. (USDA Loans do not apply to farms.)
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You can pay off your mortgage at any time without penalty
USDA Loan Example: USDA Loan for $137,755 for 30-Years with no down payment and a fixed 6.625% interest rate/7.198% APR has a monthly sample payment of $1,166.35 (includes taxes, insurance and mortgage insurance)*
USDA Streamline Refinance is available with no appraisal. Contact Equity Resources for more information.
*Certain restrictions apply. Final approval subject to credit review. Loan program examples are for illustrative purposes only. This is not a commitment to lend. The interest rates, annual percentage rates (APRs) and program options are subject to change without notice. Your APR will vary based on your final loan amount and finance charges. Stated rates and terms are intended as examples only. Call 1-800-270-7082 for current rates and terms.