A USDA loan is popular home loan option for qualifying rural communities.
What are the benefits of a USDA loan?
No down payment.
Qualifying borrowers can get up to 100% financing for their rural dream home. You can even finance your upfront Private Mortgage Insurance (PMI). The upfront PMI charge is 1% of the loan and is required, but the USDA allows borrowers to roll the cost into the loan.
Flexible credit guidelines.
Approving borrowers with a short credit history is often difficult because there isn’t enough history. With this loan program, though, lenders can accept alternate documents. These documents include rent, utility payments, and other long-term payments to establish history.
Lower monthly PMI.
Monthly PMI costs are lower with this loan option. If you choose to not place a down payment, then you will most likely need to pay PMI monthly. As of now, the USDA offers the lowest PMI rate of any loan program and the price doesn’t change based on your down payment.
Steps to a USDA loan.
Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.
Your GVC Mortgage Consultant will keep you and your agent updated every step of the way with our Milestone Updates.
Your consultant will assist you with everything you need and help you setup your closing appointment.
USDA quick contact form.
Contact us using the form below and one of our mortgage consultants will respond to you shortly