USDA Home Loans

Mortgage Navigators’ USDA Home Loan Program provides 102% financing (the purchase price and guarantee fee) for low- to moderate-income home buyers wanting to buy a home in a rural development area.

USDA Home Loans are affordable and backed by the federal government. Qualified program participants must purchase a home in an eligible rural area, as defined by the U.S. Department of Agriculture, and have a household income that does not exceed the established limits where the home is located.

USDA Home Loans offer the following features:

• 100% financing on a fixed 30-year loan, based on the appraised value of the home.
• 2% guarantee fee may be included in financing.
• No down payment required.
• Competitive interest rates.
• Lender fees and closing costs (including prepaid funds) may be contributed by the seller or may be eligible to include in the loan, depending on the appraised value.
• Gifts or grants permitted from family, friends, and non-profit agencies.
• No post-closing reserves or minimum investment required.

Both first-time and experienced homebuyers may take advantage of a USDA Home Loan, provided they meet the following qualifications:

• Income limits cannot exceed the USDA’s Rural Development Single Family Housing Guaranteed Loan Program income limits for the area.
• Must have a minimum credit score of 640 (660 if have a prior short sale) and debt-to-income ratio of 41%.
• Credit history with no more than one “30-day late” payment in past 12 months and no major credit problems in previous 36 months.
• Eligible properties include existing single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.

Contact your Mortgage Loan Officer today to see if a USDA Home Loan is the right solution for you. We take pride in delivering value and savings to home buyers across the United States.

It would be a pleasure to help.

You can also visit the USDA Rural Development website for additional information.