USDA Loans
USDA Loans Made Simple
USDA Loans are designed to promote home ownership in rural areas. Address must meet a rural qualification test. About half of Americans live in areas considered “rural” that are eligible for this program. The USDA sets the standards for this program and allocates funds to support it annually. As such funds can run out before year end. These loans come with a 0% down payment and reduced interest rates. If you can meet conditions, they can be some of the most lucrative available.
At Down Range Mortgage, we will walk you through every step of the USDA loan process.
Who can Get a USDA loan?
Anyone can apply but this program has some restrictive income requirements. Some lower income borrowers can also qualify for a direct loan from the government with subsidized interest rates and extended repayment terms. Steady income, low debt to income ratios along with good credit are important.
Why choose a USDA Loan?
These loans carry low interest rates with no down payment and have some flexible repayment terms. Qualification requirements can be easier if you meet income requirements.
They don’t need monthly PMI which can save you hundreds a month and you can roll closing costs into the loan. If you can qualify, this is defiantly a consideration.
How Down Range Mortgage Supports you?
At Down Range mortgage, we simplify the USDA Loan process from start to finish. We evaluate your eligibility and guide you through pre-approval without confusion or guesswork.
We collect your documents and pull everything together, presenting the best possible image to the lender to gain the best possible results. We communicate and keep you updated throughout the entire process. We’ll also walk you through closing so there are no surprises.
What ever your specific situation is our team at Down Range mortgage is here to help you move forward confidently. USDA Loans are exceptional if you qualify.