Imagine a Home Loan that Changes Your Life Forever
When the USDA guarantees a loan, it can mean low mortgage interest rates for you, helping you afford your dream home even if you don’t have an ideal financial past.
Realize your rural/suburban dream.
Property values in suburban areas can mean that you secure more home for your home loan dollar, allowing you to have your dream home with favorable loan terms.
Low qualification requirements.
Thanks to the USDA, these home loans can be much easier for lenders to take on, which in turn means you don’t have to have the perfect income and credit history to qualify for a great home.
It might seem like a USDA-backed home loan would be a complicated situation—but the truth is, these terms can be quite simple for those who live in suburban and rural areas.
Facts and Essential Points about USDA Home Loans
- USDA home loans can work for those who have the most need. Let’s say you’re without safe, decent housing—and that you’re unable to get a home loan from the traditional places. A USDA Home Loan can work out for you and provide you with what you need.
- Qualifications aren’t as bad as you fear. For many people, the idea of a VA loan, for example, is out of reach. But the qualifications for a USDA home loan are quite favorable to anyone who needs assistance with a home loan.
- Low money down. Down payments are some of the biggest obstacles for people looking to secure a home loan, but USDA-backed loans may require a much smaller down payment than traditional loans.
- You can help develop your area. USDA Home Loans are targeted to the rural and suburban environment, which means that if your dream home is located in such an area and you can find local cooperating lenders, you may be able to help develop that area with a home renovation USDA loan as well.
See if I qualify for a USDA loan today
What Do You Need to Know about USDA Loans?
Q: What are USDA Loans?USDA Loans typically refer to loans backed by the USDA for the purposes of funding a home mortgage or home renovations. These are typically extended to people in rural and suburban areas.
Q: What are the terms of a USDA loan?With the USDA’s backing, the terms of these loans can be highly favorable to the recipient of the loan. That means lower down payment requirements, favorable interest rate terms, and a low monthly payment, provided that the borrower qualifies.
Q: How do you qualify for a USDA loan?It starts with U.S. citizenship, then requires a monthly payment that does not exceed some 41% of your income. You usually need to demonstrate that you’ve had a reliable source of income for 24 months as well, in addition to demonstrating a manageable credit history. Metropolitan/city areas are often exempted from USDA loan programs.
Q: What should I do to research a USDA home loan?See if you qualify! If you want to make sure that a USDA home loan might be up your alley, it helps to know if your home is in a qualified area and that your income levels and credit history are in line with what USDA-backed loans typically look for.
Q: Where do I find a USDA-backed loan?With participating lenders, you’ll be able to have access to USDA loan applications with relative ease. Just make sure that you meet the qualifications listed above.
Making Full Use of a USDA Home Loan
Ready to receive favorable terms for the home loan of your dreams?
Make sure that you qualify for a USDA-backed home loan and that you’re looking in locations that the USDA would approve.
After that, a USDA loan can be a tremendous way to maximize your loan potential and ensure that you receive a loan that can help you fund the living situation you’ve always wanted.
Speak with a USDA Home Loan Specialist today
Representatives Available to Better Serve You
USDA Guaranteed Rural Housing loans subject to program stipulations and applicable state income and property limits. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. SEE DT1