The USDA guaranteed loan program is administered by The U.S. Department of Agriculture and offers a variety of programs to help individuals living in small towns or rural areas achieve homeownership. USDA provides 100% financing on purchase loans and offers a Streamline Refinance option for an existing USDA mortgage.
USDA Loans are primary residence loan and are an attractive option for the following reasons:
- Offers 100% financing
- Minimal closing cost
- Financing allowed up to the MARKET VALUE (appraised value) of the home
- Up-front Guarantee fee eliminates any monthly mortgage insurance (Guarantee fee can be financed into the loan)
- Greater buying power than other programs with the same monthly payment
USDA loans can be used toward the purchase of a previously owned or a newly constructed property.
Qualifying is based upon household income, qualifying income, credit history and location of the property. If you are interested in a USDA loan, call Raleigh Mortgage Group at 919-866-0212 today to speak with an experienced and knowledgeable loan officer.