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
Kim Deaner2022-07-18Ashley and Heston were so helpful! And got me into my own home fast!
Russell Waganer2022-06-16Jennie answer all my questions. There was a lot I didn't know but jennie helped out 100% I was very lucky to have her as my loan officer. I an very satisfied and would recommend her to everyone that needs a home loan.
Teri Heffner2021-12-02Ashley is amazing and will go above and beyond to help people out. She is always willing to work with you, stays flexible, and is kind and respectful to any situation. I will keep going back to her over and over.
Sharla Carpenter2021-11-30The process for refinance was very efficient and did not take long to complete. Loved working with Jennie through this process. She was very professional, informative, kind and caring.
Rommel McClaney2021-11-24Very knowledgeable and very responsive! 6 months later and I'm still pleased with how Fairway worked with me!
Ashley Moon2021-11-22Working with Alfredo at Fairway was very smooth from start to finish. He was always available to answer questions and keeps you informed during the entire mortgage process. Extremely casual and not intimidating. Very pleased!
Nick Swofford2021-11-22I worked with rylie and he exceeded my expectations! Always there when I had a question! Reliable, honest and trustworthy! You won't be disappointed.
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.
