Welcome to USDA Mortgage Hub, the nation’s leading authority on 100% USDA home financing information. We are proud to serve home buyers in all 50 states across the U.S.
The USDA home loan is a Government insured mortgage that allows home buyers to purchase a home with NO money down – 100% financing. In fact, USDA is only no down payment mortgage offered today for non-military home buyers. The USDA Rural Development program is designed to provide 100% home financing to encourage growth in America’s rural and outlying metropolitan communities. Many home buyers are pleasantly surprised to learn exactly what locations are still rural eligible today.
USDA loans (also known as Rural Housing, Rural Development, RD or 502 Guaranteed) are processed by approved lenders, banks, brokers and are insured by the United States Department of Agriculture. USDA home financing offers home buyers many benefits, listed below are just few:
- No Down Payment: USDA is one of the few loan programs available in the U.S. today that allow home buyers to finance 100% of the purchase price. This is great for first time buyers that don’t have the large down payment needed by many other loan programs.
- Flexible Closing Cost Options: In addition to 100% financing, USDA also allows the home seller to pay all buyers closing costs, up to 6%. Home buyers can also roll in their USDA closing costs up to the home appraisal value.
- Secure Fixed Interest Rates: USDA loans are very affordable thanks to low 30 year fixed interest rates, ensuring your mortgage payments will not change each month.
- No Prepayment Penalty: Sell your home or pay off your mortgage at anytime without worrying about an early payoff penalty charge.
- No Education Requirements: Many first-time buyer programs require a special class or certificate before you can apply, not the USDA loan. Call ph: 800-691-8826 to get pre-approved and start shopping for a home all in the same day.
- No Home Purchase Price Limit: Many loan programs (like FHA, Conventional) have loan amount limits, not the USDA loan. Instead, home buyers qualify based on their debt to income ratios. USDA generally limits housing expenses to not exceed 30% of the applicant’s gross monthly income.
- Lower Mortgage Insurance: With most loan program, unless you have a 20% down payment, you are likely required to pay monthly mortgage insurance or “PMI”. The USDA monthly mortgage insurance is over 50% less when compared to FHA loans. This is also true with regards to the one-time funding fee government loans require. USDA is only 1%, FHA is 1.75% and VA is 2.15%. Be sure to use the USDA loan payment calculator on the right side to compare.
- Any Eligible Home Buyer Can Apply: USDA loans are not reserved exclusively for first time home buyers. Move up home buyers are also welcome to apply. Primary residence homes only.
Please be sure to visit the USDA Loan Eligibility page above to learn more about important qualify criteria and frequently asked questions. Applying for a USDA loan is simple, the complete application process is often complete in 30 minutes or less. Contact us today, get pre-approved and start shopping for your dream home all in the same day!
We encourage you to reach out to us 7 days a week by calling ph: 800-691-8826. For quick service, you can submit the Quick Contact form located on the right side of this page. Mobile users will find the Quick Contact form icon at the top of their screen. We serve new home buyers and current home owners nationwide in all 50 states.
*Buyers that already have an active USDA mortgage in process: Please note you will need to contact your lender, mortgage broker or bank directly for the latest loan status (USDA turn times, closing times, etc)
Serving all home buyers nationwide 2017 – Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming