USDA Loans

  • 100% financing with no down payment required
  • 30-year loan terms with fixed interest rates
  • Loans are insured up to 90% of original loan amount by Federal Government
  • Upfront guarantee fee may be included in loan amount above appraised value
  • Condos may be eligible
  • No pre-payment penalties
  • Must be primary residence
  • More generous debt ratios
  • Gift funds and grants may be applied to closing costs
  • Home must be located in an eligible area for USDA financing
  • Annual income limits do apply
  • Can be new construction
  • Appropriate for low to moderate income borrowers
  • Appropriate for first-time homebuyers and anyone having no down payment