Empowering Your Rural Homeownership Dreams
Imagine a loan program designed specifically for those living in picturesque rural landscapes, helping them turn their dream of owning a home into reality. Thanks to the U.S. Department of Agriculture (USDA), this isn’t just a dream. Through its Single-Family Housing Guaranteed Loan Program, the USDA supports low- to moderate-income families in realizing their dreams of homeownership in designated rural areas, thereby contributing to the development of more robust and vibrant communities.
USDA home loans aren’t just another mortgage option; they’re a testament to the government’s commitment to rural development. By providing affordable housing options, these loans aim to strengthen rural communities and enhance the quality of life for their residents.
Eligibility
To be eligible for a USDA loan, applicants must meet certain criteria. In addition to the meeting location and income criteria, applicants for USDA loans should possess a stable income, maintain a credit score of 640 or higher (though exceptions can apply), and have a debt-to-income (DTI) ratio of 43% or lower.
No. USDA loans are available for both first-time and repeat homebuyers.
Eligible properties typically include single-family homes, some condos, and manufactured homes, provided they’re in designated rural areas.
Yes, homeowners with a USDA loan can refinance to lower their interest rate.
USDA loans represent more than just a financing option; they embody a vision of vibrant, thriving rural communities. Due to the absence of a down payment requirement and often more favorable interest rates, they provide an accessible path to homeownership for many individuals who may have previously considered it unattainable.
Nonetheless, like all mortgage products, it’s essential to have a comprehensive understanding of USDA loans to assess whether they align with your financial objectives. Whether you are considering this option or exploring alternative mortgage solutions, your Nationwide Mortgage Bankers (NMB) Loan Officer is ready to offer guidance and assistance. Their expertise can help you navigate the homebuying journey, ensuring you make the right choices for your future.
*All product information represented on this page is subject to product guidelines and can change at any time. It is for educational and informational purposes only and not a commitment to lend. Please contact your Own It Home Loans Loan Officer today to get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
We make financing your home simple and seamless with our user-friendly online platform, enabling you to easily apply and get pre-qualified for a home loan in no time. Our mortgage specialists offer prompt feedback and support, ensuring a smooth and efficient home financing journey.
Nationwide Mortgage Bankers, Inc. (NMB), going by NMB Home Loans, Inc. in the states of AL, AZ, GA, IL, IA, KS, LA, MN, MT, ND, OK, PA, SC, SD, TX, WV and as NMB Home Loans in KY and MA| NMLS# 819382 | (www.nmlsconsumeraccess.org) 3 Huntington Quadrangle, Suite 403N, Melville, NY 11747 | Branch NMLS 1822931 | (833) 700-8884 | www.nmbnow.com. NMB is in no way affiliated with Nationwide Mutual Insurance Company. “NMBNOW” is a registered DBA of Nationwide Mortgage Bankers, Inc. All loans are subject to credit and appraisal approval. Not all applicants may qualify. Some products and services may not be available in all states. NMB is not acting on behalf of or at the direction of FHA/HUD/USDA/VA or the federal government. This is an advertisement. Americasa; Americasa Home Loans; Americasa Mortgage; are registered DBAs of Nationwide Mortgage Bankers, Inc (“NMB”). Licensed under the California Finance Lenders Law by The Department of Financial Protection and Innovation #60DBO73939 | Georgia Residential Mortgage Licensee | MA Mortgage Lender License #ML819382 | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker – NY Department of Financial Services. | Rhode Island Licensed Lender | Licensed by the Virginia State Corporation Commission. Additional state licensing information can be found at https://nmbnow.com/disclosures-and-licensing/
