For ZERO Down You Could Get a USDA Mortgage. Get Quotes Now!

USDA Loan Considerations

Compare
Interest Rates and Fees

Get affordable
monthly payments

Check your
credit score

Choose the
best loan period

What is a USDA loan?

USDA loans are mortgages supported by the Department of Agriculture as part of its program of secured loan USDA Rural Development Housing. USDA loans are available to home buyers with lower than average income for their area, providing 100% financing with reduced insurance premiums mortgage, and mortgage rates below market value.

The objective of USDA home loans is to help people fulfill their dreams of owning a home when they thought they would forever need to rent.

Get USDA Loan Quotes

866-660-5994

Who are eligible for it?

USDA loans are still under wraps and not disclosed in the mortgage lending industry today. Those who discover it quickly realize that it is far better than the FHA or conventional.
The loan comes with income eligibility standards and geographical location criteria, though. The best way to start is to get a quote for USDA, which comes with full control eligibility by the USDA lender.

How to get this loan?

Here are the steps to get loans from the USDA:

  • Apply with a lender approved by the USDA (30 minutes)
  • Provide the lender with income, assets, and credit information (1 day)
  • The lender issues a pre-approval (3 days to 1 week)
  • Find a home in a USDA-eligible geographic area (depends on the domestic market time)
  • Find a home in a USDA-eligible geographic area (depends on the domestic market time)
  • The lender checks the evaluation and any other elements required (1 week)
  • The lender sends the file to the office of your state USDA for approval (1 day)
  • USDA office processes a final “sign-off” (a few days to a few weeks)
  • The lender sends the closure documents to the escrow company, which needs to be signed by you (1 week)
  • The loan is approved and the house is yours (3 days)

Get a Free USDA Loan Quote

Take advantage of low interest rates and find a mortgage that fits you budget. Get a get a usda loan quote now.

What credit score is required for this loan?

For USDA Loan most lenders will require a 640 FICO score to qualify, although some will go down to 580.

Advantages and Disadvantages

Advantages

  • No down payment option (funding 100%) **
  • No cash reserves needed
  • Flexible credit qualifying guidelines
  • The seller can pay closing costs
  • Fixed and low interest rate
  • No initial payment penalty
  • Capacity to finance repairs and closing costs on loan
  • Good for purchase or refinance
  • You can build a house with this loan

Disadvantages

  • Geographical restrictions
  • Includes mortgage insurance (can be financed into loan)
  • Income limits
  • Single-family, owner-occupied single – there are no duplex houses

Need a USDA Loan?

Disclaimer: callmortgageloan.com strives to keep the information accurate and updated. This information may be different from what you see when you visit a financial institution, service or site of the specific product. All financial products, commercial products and services are presented without guarantee. While evaluating the bids, please check the Terms and Conditions of the financial institution. Pre-qualified offers are not binding. All logos, brand names, trademarked words used in this site are owned by respective owners of the brands. callmortgageloan.com doesn’t have any rights on any of the brand names or logos mentioned over here.