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USDA Loans – What is a USDA Loan?
USDA Guaranteed Loan is the best home loan next to VA Loans. Offering 100% financing with no money down, now you can purchase a home without having to save up for a hefty down payment.
Conventional loans: 3%, 5% and 20% down
FHA loans: 3.5% down
VA loans: 0% down
USDA loans: $0 down
VA Loans are solely for military personnel, and civilians are not able to utilize this loan. You don’t have to be in the military to get 100% financing. The USDA Loan is available to anyone that meets income and credit requirements.
USDA, or the United States Department of Agriculture, designed this loan to pull the population out of large metropolitan cites and into surrounding areas. USDA eligible properties are typically located outside of city limits, in suburbs or rural areas. The USDA Guaranteed Loan is not meant to finance farms rather they are geared towards the standard single-family home.
This zero-down, 100% financing home loan has income limits, and property eligibility requirements, however you don’t have to be a first time home buyer to take advantage of this great home mortgage option.
Another USDA Loan advantage is that the USDA Loan’s mortgage insurance fee is just 0.35% monthly – nearly half of what is charged on a conventional loan and a quarter of what is charged on FHA. There are no loan amount limits like FHA, instead the applicant’s income determines the maximum loan size. USDA Loans also allow for the buyer to roll their closing costs into the mortgage up to 100% of the appraised value of the home.
How to Apply for a USDA Loan
Apply with our USDA loan specialist
See if you Qualify by meeting income and credit requirements
Get Pre-Approved by providing tax returns, W2s, pay stubs, employment history and bank statements
Choose a home in a USDA eligible area
Make an offer on your USDA home
» More: Check your USDA Loan eligibility.
Whether you’re a first-time home buyer or this is your fifth home, you will have a seasoned pro to guide you throughout every step of the process. Our clients get the best personalized service, qualified advice, and professional assistance in Athens, Texas. Knowing that we are on their side gives Sparks Realty Company’s clients a stress-free real estate experience.
In today’s real estate market, experience can mean all the difference in a successful real estate transaction. From buying your first home to expanding your real estate investment portfolio, our team at Sparks Realty Company looks forward to helping you realize all your real estate goals, big and small.
Speak with Steven Sparks Today!
If you live in Texas or are planning to relocate to Henderson or surrounding Counties, there is no better brokerage in the area to help you find the home of your dreams or to help you sell your home for the best possible price. Speak with Steve today to get started!