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USDA LOANS BY FAIRWAY

USDA home loans give qualifying families the ability to afford properties located in specific suburbs, small towns and exurbs. By providing a no down payment option, USDA home loans (whcih are gauranteed by the United States Deparment of Agriculture) make homeownership a reality to many eligible low and moderate-income families families.

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USDA LOAN HIGHLIGHTS

100% FINANCING

100% financing + required guarantee fee = 102% of the appraised value

LOW FICO SCORE

USDA loans come with lower FICO score requirements.

LOW INTEREST RATES

Due to the USDA guarantee, lenders have an increased ability to provide competitively low interest rates on USDA loans

LOW CLOSING COSTS

Closing costs can be either paid by the seller or financed into the loan.

GIFTED CLOSING COSTS

If the borrower does not have funds for their closing costs, they may use gifted funds.

30 YR FIXED RATE MORTGAGE

The Rural Housing loan is available as a 30-year fixed rate mortgage or a 15-year fixed-rate mortgage only.

USDA LOAN ELIGIBILITY

USDA loan eligibility is dependent on a number of factors including the location of the property, the size of the property, income as well as other factors. Some of the requirements include:

Household members can have a total income of up to 115% of the medial income for the area

Property must be located in a USDA designated rural 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

Maximum loan limits vary based on location

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