What is an RD/USDA Mortgage Loan?
An RD/USDA Mortgage Loan is a home loan backed by the United States Department of Agriculture (USDA), designed to help low-to-moderate-income households purchase homes in eligible rural and suburban areas. These loans offer favorable terms, including no...
Continue ReadingWho is eligible for an RD/USDA Mortgage Loan?
Eligibility for a USDA loan is based on income and location. Applicants must meet income limits, which vary by area and household size, and the property must be located in an eligible rural or suburban area as defined by the USDA. You can check...
Continue ReadingWhat are the benefits of a USDA Mortgage Loan?
No Down Payment: Purchase a home without needing a down payment. Competitive Interest Rates: Benefit from lower interest rates compared to conventional loans. Flexible Credit Requirements: Qualify with a range of credit scores. Low Monthly...
Continue ReadingWhat types of properties can be financed with a USDA loan?
USDA loans can be used to finance single-family homes in eligible rural and suburban areas. The property must be used as the borrower’s primary residence and meet certain quality standards set by the...
Continue ReadingHow much can I borrow with a USDA Mortgage Loan?
The amount you can borrow with a USDA loan depends on your income, debts, and the property’s value. There are no set maximum loan limits for USDA loans, but the loan amount must not exceed your ability to...
Continue ReadingDo USDA loans require mortgage insurance?
Yes, USDA loans require mortgage insurance. There is an upfront guarantee fee, which can be financed into the loan, and an annual fee that is paid monthly. However, these costs are generally lower than the mortgage insurance premiums for FHA and...
Continue ReadingWhat is the USDA loan process?
The USDA loan process involves several steps: Pre-qualification: Determine if you meet basic eligibility requirements. Pre-approval: Submit financial documents for a more detailed evaluation. Property Selection: Find a home in an eligible...
Continue ReadingCan I use a USDA loan to refinance my existing mortgage?
Yes, USDA loans can be used to refinance an existing mortgage through the USDA's Streamlined Refinancing Program, which offers reduced documentation requirements and can help lower your interest rate or adjust your loan...
Continue ReadingWhat documentation is required for a USDA loan application?
Typical documentation includes proof of income, tax returns, employment verification, credit history, and details of your current financial obligations. Our mortgage specialists will provide a comprehensive list of required documents based on your...
Continue ReadingHow do I apply for a USDA Mortgage Loan with People Driven Credit Union?
Apply online or contact our mortgage specialist, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
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