USDA Purchase Loans
USDA Purchase Loans
USDA purchase loans are 100% financing options for purchasing a primary residence in small towns or rural areas. You must have a low to moderate income and good credit history to qualify. Property location is also a factor in determining eligibility.
If you are interested in a USDA Purchase Loan, call GoNoCost Mortgage now to talk with an informed loan officer about USDA Purchase Loans in Raleigh.
Why Choose USDA Purchase Loans?
The following are some of the reasons why USDA Loans, which are designated for primary residences, are a good choice:
- No Down Payment Required – USDA purchase loans require no down payment so that you can finance 100% of the purchase price.
- Flexible Credit Requirements – USDA Purchase Loans have flexible credit requirements and may be available to borrowers with less than perfect credit.
- Affordable Mortgage Insurance – Mortgage insurance is required on all USDA purchase loans, but it is often more affordable than PMI on conventional loans.
- Competitive Interest Rates – Interest rates on USDA purchase loans are often lower than rates on conventional mortgages.
How do USDA loan programs work?
The United States Department of Agriculture (USDA) is in charge of managing the loan program for the USDA. As a result, people who live in more remote or smaller communities can take advantage of the organization’s many different homeownership assistance initiatives. The most popular USDA loan program is the Section 502 Guaranteed Loan Program. This program assists approved lenders in providing low- and moderate-income families with better than average housing opportunities.
A vital feature of the USDA loan programs is that they are not limited to first-time homebuyers. Instead, any qualified individual may apply for assistance. To be eligible, applicants must have a satisfactory credit history, sufficient income to meet mortgage payments, and must be U.S. citizens or legal permanent resident aliens.
In addition, the property to be purchased must be located in a designated rural area. To learn more about USDA loan programs and how to apply, contact GoNoCost Mortgage today. We would be happy to help you navigate the process and answer any questions you may have.
What Are The Income Limits For USDA Purchase Loans?
Income limits vary by county and family size. To see the income limits in your area, visit the USDA website.
How Do I Apply For A USDA Purchase Loan In Raleigh?
Get in touch with GoNoCost Mortgage to start the application process for a USDA purchase loan in Raleigh. We will put you in touch with a professional and experienced loan officer who will guide you through the process and assist you in any way they can.
Your dream home is waiting. Start your approval today.
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