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WHAT PEOPLE ARE SAYING
Jose And his Team were amazing to work with, kept me up to date with everything i needed to know, while also advising me with family orientated advice. I cant wait to work with Home Access Financial again. Thanks Jose Gutierrez.
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USDA Home Loans
Home buyers and homeowners in search of an affordable, zero-money down mortgage option may want to consider a USDA Loan. With a USDA Rural Housing Loan, eligible borrowers can take advantage of up to 100% financing for the purchase of a home in a qualified area.
To be eligible for USDA financing, both borrower and the property itself must meet certain criteria. Because USDA Loans were designed to help increase access to homeownership in less developed areas, they are only available to homes located in USDA-approved zones.
Why Consider a USDA Mortgage?
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Up to 100% financing available (no down payment required)
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Competitive, fixed interest rates
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Credit guidelines may be more lenient than conventional home financing
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Single upfront mortgage insurance premium that may be financed into the loan
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Can be used to refinance a mortgage into a lower interest rate
Contact us today to see if a USDA loan might be the right fit for your next home purchase.
What is a USDA Loan?
USDA Loans are mortgage loans guaranteed by the US Department of Agriculture (USDA). Because USDA Loans were designed to help provide financing options for rural properties, they are only available to homes located in USDA-approved zones. But many may cities still have eligible locations for homebuyers to be able to utilize the program. USDA-approved zones include locations such as:
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Open countryside (for example, a home with acreage)
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A Rural town with a population of 2,500 people or less
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A town with a population of 10,000 that is rural in character
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A larger area ranging in population from 2,500 to 49,999 that is not part of a larger metropolitan area, is rural in nature, and lacks mortgage solutions for lower -to moderate-income applicants.
Follow the button to see if your area qualifies or connect with one of our qualified mortgage loan officers to find out more information today!
How do USDA Loans Compare to Conventional Loans?
A USDA loan and a conventional loan are both paid back in the same way, in monthly payments with interest but they have one main difference between them.
Conventional loans are a type of mortgage that isn't backed by the government like other nonconforming loans such as FHA and VA loans while USDA loans are backed by the government. In this case through the US Department of Agriculture.
At Home Access Financial, we understand this is one of the most significant purchases you will ever make, and we are here to provide you with the best possible outcome to help you get the home of your dreams at a price you can afford.
Ask your mortgage loan officer for more information or fill out the form below to find out if USDA loan financing is a good fit for you!
USDA Mortgage Program Requirements:
Requirements for a USDA mortgage include but are not limited to:
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Proof of income
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Income limits to qualify vary by location and depend on household size
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Primary residences only
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Single-family homes and Condos, 1-4 units allowed
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Must be in eligible rural or edge of suburbia areas
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U.S. Citizenship or permanent residency
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Proof of employment history
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minimum credit score 640
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Additional terms and conditions apply
Additionally, under USDA requirements, your income cannot exceed 115% of the median household income for the area you plan to purchase, build or renovate.
For more information about this program or to find out if you qualify contact Home Access Financial today to get connected to one of our expert mortgage loan officers.