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United States Department of Agricultural
(USDA or Rural Development)
What is a USDA Loan?
USDA stands for United States Department of Agriculture. In the past, USDA Loans were considered "farm loans", mostly used to purchase properties in agricultural areas. That is not the case with today's USDA Loans. In fact, properties in almost every area of the country outside major metropolitan areas can be purchased with a zero-down USDA Loan today. A USDA loan provides low-cost insured home mortgage loans that suit a variety of options.
USDA Rural Loans Require No Monthly Mortgage Insurance
A distinct advantage of a USDA rural loan, as compared to a conforming loan, is great interest rates and no mortgage insurance (PMI). The daily USDA mortgage rates are usually comparable to a conforming 30-Year Fixed loan.
USDA Mortgages Require No Down Payment
USDA Mortgages have no down payment requirement. Other loan programs don't allow this. Are you curious what the minimum down payment is for an USDA Rural Loan? USDA Loans require NO down payment and they allow for the closing costs, escrow and even repairs to be included in the loan amount (appraisal permitting).
Maximum Loan Amount: There is no set maximum loan amount allowed for an USDA Residential Loan. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. In addition, the home you are purchasing must be in an eligible geographical area.
Maximum financing: The maximum USDA Rural Loan amount will be 103% of the appraised value of the home (100% plus the 3% USDA loan guarantee fee).
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"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
*We are proud to announce that all of our Loan Officers are S.A.F.E. act compliant.
