USDA Mortgage Loans

At PROLEND HOME LOANS, we are committed to helping homebuyers achieve their dreams of homeownership. Our expertise in mortgage lending extends to USDA Mortgages, providing affordable financing options for eligible rural and suburban homebuyers. With years of experience and a wide range of mortgage options, ProLend Home Loans is your trusted partner in securing the right loan for your needs.

USDA Mortgages, also known as USDA Rural Development Loans, are home loans backed by the United States Department of Agriculture (USDA). These loans are designed to help low-to-moderate-income homebuyers in eligible rural and suburban areas purchase a primary residence with minimal down payment and competitive interest rates.

Income Limits

USDA Mortgage Loans have income limits based on the area's median income. Borrowers must have a household income within the specified limits to qualify for USDA financing. Income limits vary depending on the location and size of the household.

Location Requirements

USDA Mortgage Loans are available for properties located in designated rural and suburban areas. These areas are determined by the USDA based on population density and other factors. Borrowers must ensure the property they intend to purchase is in an eligible location.

Guarantee Fee

USDA Mortgage Loans require a one-time upfront guarantee fee and an annual fee, which is typically lower than mortgage insurance premiums for FHA and conventional loans. The guarantee fee helps fund the USDA loan program and provides protection to lenders in case of borrower default.

No Down Payment

One of the most significant benefits of USDA Mortgage Loans is the ability to finance 100% of the home's purchase price with no down payment required. This feature makes homeownership more accessible to buyers who may not have significant savings for a down payment.

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Flexible Credit Requirements

USDA Mortgage Loans have more flexible credit requirements compared to conventional loans. While specific credit score requirements may vary by lender, borrowers with credit scores as low as 640 may qualify for USDA financing. Lenders also consider other factors such as payment history and debt-to-income ratio.

Property Eligibility

In addition to location requirements, properties financed with USDA Mortgage Loans must meet certain eligibility criteria. These criteria include minimum property standards to ensure the home is safe, sanitary, and structurally sound. Properties must also be used as the borrower's primary residence.

Fixed-Rate Loans

USDA Mortgage Loans typically offer fixed-rate financing, meaning the interest rate remains the same throughout the life of the loan. Fixed-rate loans provide stability and predictability for borrowers, making budgeting easier over time.

Prepayment Penalties

USDA Mortgage Loans do not typically have prepayment penalties, allowing borrowers to pay off their loans early without incurring additional fees.

Overall, USDA Mortgage Loans offer affordable financing options for eligible homebuyers in rural and suburban areas. With no down payment requirement, flexible credit requirements, and competitive interest rates, USDA loans can help make homeownership more attainable for those with limited financial resources.

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USDA Mortgage Loans

USDA Mortgage Loans

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