What is USDA/Rural Development ?
Live Comfortably Outside of City Limits
Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.
USDA Loan Highlights
With flexible requirements, USDA loans feature:
- 100% financing + required guarantee fee = 102% of the appraised value
- Low FICO score requirements
- Low interest rates
- Low closing costs
- Gift funds can be used for closing costs
- 30-year, fixed-rate mortgage
USDA Loan Eligibility
Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:
- Property must be located in a USDA designated rural area
- Maximum loan limits vary based on location
- Household members can have a total income of up to 115% of the medial income for the area
- Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis
If you are interested in a USDA Loan, please contact an Elite Group Mortgage Professional.
Other Loan Options
VA LOAN
Best if you are active-duty military, a veteran or military spouse.
Conventional
Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.
Jumbo
Best if you are wanting to purchase a property above the conforming loan limits ($453,100 in most areas).
Carson Paiz
Elite Group Mortgage Expert
Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.
