Find the best USDA loan rates for your USDA home loan.
The USDA mortgage loan is an often overlooked program that can be of great use under the right circumstances in getting the best USDA mortgage rates.
The USDA rural development loan allows home buyers to purchase their primary residence with NO MONEY DOWN and get a really low USDA loan rate! This is the only remaining program in the country that allows average people to get into a home with no money out of their pocket. 100% of the purchase price can be financed with a USDA mortgage.
In fact, a home buyer can finance their closing costs into the loan as longs as the home appraises high enough to allow the loan to not exceed the current appraised market value of the property being purchased. That means that with USDA financing, home buyers can purchase their primary residence with 100% financing and no closing costs! If there is not enough equity in the home to roll your closing costs into the mortgage, the USDA loan allows the seller to pay for the buyers closing costs up to 6% of the purchase price. In most cases this is plenty of room to include all of the buyers closing costs while still getting a great USDA loan interest rate.
There is no more flexible loan program when it comes to a first time homebuyer purchasing their primary residence than the USDA rural development loan! Like a VA loan, the USDA mortgage program has no mortgage insurance. Instead they charge a 2% funding fee that can easily be financed into the loan. This will save you hundreds of dollars per month in mortgage insurance premiums that other loan programs like FHA and Conventional loans would require. Over the course of 30 years these savings will add up quickly if you don’t have low USDA loan interest rates! There are only a very few requirements that must be met in order for someone to qualify.
Let’s take a look at what you need to ensure before looking into the USDA loan as an option.
If you have been looking for a 100% financing option with a low 30 year fixed rate and no mortgage insurance, then the USDA rural development loan is just the loan program you have been looking for!
To find current USDA mortgage rates, apply only today and let one of our USDA loan specialists follow up with you to go over all the details of how it can help you buy your home with NO MONEY DOWN today!