USDA LOANS

Home Loans for Rural Communities



Learn More About USDA Loans



If pastures and nature surround your dream home, then a USDA loan may be the right loan for you. As a rural development program, USDA loans are a zero down mortgage options. USDA loans help those living in specific areas reach their goal of owning a home. With full financing options, these loans are great for those looking to purchase a rural home.



A Loan To Help You Find Home


What Are The USDA Loan Benefits?

Every type of home loan offers advantages to borrowers, for those who qualify for a USDA mortgage, you’ll experience some great benefits.


Conventional loans are great loan option for those with modern to high income and those who have saved up for a down payment.

1. Up to 100% Financing

When the USDA says 100% financing, they mean it. Qualifying borrowers do not have to put anything towards a down payment. And 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.


2. Lower Monthly PMI

Monthly PMI costs are lower with a USDA loan. 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.


3. Flexible Credit Guidelines

Approving borrowers with a short credit history is often difficult because there isn’t enough history. With a USDA loan, though, lenders can accept alternate documents. These documents include rent, utility payments, and other long-term payments to establish history.



Starting the Journey Home


How to Apply For A USDA Loan

Our goal at GVC Mortgage is to cut the headache that often comes with the mortgage loan process. We understand there’s a lot involved. We’ll do our best at every step to communicate with you what we need, why we need it, and why It’s important to the process. But, no matter if this is your fifth home or first home, you discover that our process is different. It’s tailored to meet your needs.


The conventional loan process starts by getting pre-qualified for your future mortgage.

Step One: Get Pre-Qualified


Did you know you can pre-qualify for your loan by filling out an online application? It’s completely secure and can be done in the matter of minutes. One you’re pre-qualified, you’ll better understand your options and how much you can afford.

Talking to a mortgage consultant about your conventional home loan will help you understand the benefits of the program.

Step Two: Talk to A Mortgage Consultant


A mortgage consultant from GVC will reach out to you to discuss your home buying goals. You’ll work with your consultant to determine what loan works best for your situation. Then, assess what needs submitted to the underwriters.

Underwriting a conventional mortgage is done to very of all your information.

Step Three: Underwriting


This is the part that might involve you digging through some paperwork. Underwriters are going to comb through your finances to qualify you for the loan. The goal is to make sure you aren’t a risky borrower.

You get the keys to your new home as soon as you've finalized the conventional mortgage loan paperwork.

Step Four: Close On Your Loan


With the all clear in hand, it’s time to schedule the closing. Your consultant will be there to assist with the paperwork, answer questions, and set up the closing appointment.


USDA Loan Quick Contact Form

Contact us using the form below and one of our mortgage consultants will respond to you shortly.

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Frequently Asked Questions

We’re here to help guide you through the process of applying and being approved for your loan.


How much do I need for a USDA loan down payment?



 

One of the biggest advantages of a USDA home loan is that you don’t need a down payment. If you live in a qualifying area and are a qualified borrower, then you don’t need a down payment. A down payment will help, though, reduce your monthly payments. Depending on the size of the down payment, could cut your monthly PMI.

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What are the credit score qualifications for a USDA loan?



 

If your credit score is 640 or higher, you’ll receive a streamlined USDA loan application process. For borrowers with a lower score or with no score at all, you’ll need to provide extra documentation such as: rental history, utility payment history, insurance payments, tuition payments, etc.

These documents are combined to establish a payment history or generate a credit score.

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What are the USDA loan limits?



 

For USDA loans, the maximum limit of the loan changes based on the median home prices in the relevant area. To learn more about the limits in your area, contact a mortgage consultant.

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Do I have to pay mortgage insurance with a USDA loan?



 

If you choose to not put a down payment on your home, you are required to pay two types of PMI. The Guarantee Fee is a one-time fee that equals 1% of the financed amount, which you can roll into the loan itself. The second type of PMI is an Annual Fee that will is broken into 12 payments that you pay with your monthly mortgage. This fee will decrease every year as you pay down the amount owed on your home.

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Are you ready to discover your dream home?

If you’re dreaming of a home in a rural or suburban area, then your dream home may qualify for a USDA mortgage. At GVC, we’ve made it as simple as possible to get started with the process. Our mortgage consultants are ready to help guide you through the process.


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