USDA Loan

If you’re a borrower located in a designated small town, suburb, or exurb, the US Department of Agriculture (USDA) offers a guaranteed home loan that might be right for you. This program help eligible low- to moderate-income families reach the goal of homeownership by offering no down payment options.

USDA logoUSDA loans come with flexible requirements and feature:

  • 100% financing + a required guarantee fee = 102% of the home’s appraised value
  • Low FICO score requirements
  • Low interest rates
  • Low closing costs
  • Allowance of gift funds to be used for closing costs
  • 30-year, fixed-rate mortgages

Eligibility for USDA-backed mortgages are based on a few factors like property size, location, and condition along with borrower items like income. Some additional requirements include:

  • Property located in a USDA designated rural area
  • Maximum loan limits that vary by location
  • Total income of household members can be up to 115% of the area’s average income
  • Mortgage plus taxes, insurance, and annual guarantee fee must be a payment amount affordable by the household

If you are looking to purchase a home in a rural area, contact one of our local branches to see if you qualify. Or, complete our online application and let us get back with you to evaluate the fit.

FairwayNow

FairwayNow Mobile Mortgage AppDownload our app to connect with a loan officer and have the entire mortgage process at your fingertips.

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How can we help?
Reach out to your local Wood Group office or submit your questions online.

Want a home loan made simple? Start your application today.