USDA LOAN
MORTGAGE EDUCATION
How Does it Work?
With a USDA loan, you can not only save money on mortgage insurance but can also buy a home with a 0% down payment
USDA loans are also called rural development loans. The U.S. Department of Agriculture supports them as it offers an affordable mortgage option for rural area homes. If you’re looking to buy a home, you can get a USDA loan as a 30-Year fixed-rate mortgage. For those of you, who already have a USDA loan, you can get a new USDA loan through refinancing, but this won’t be possible with a USDA loan if you have any other type of loan. There are certain qualifications that must be met for a USDA loan which include:
Have a credit score of at least 620
Have a debt-to-income ratio (DTI) of 50% or lower
The property needs to be in a recognized rural area
The property can’t be a working farm
Your household income, that includes the income of the entire home, can’t exceed 115% of the average family income in the area.
THE MAIN BENEFITS
Purchase a home with no down payment
Qualify for the loan with a credit score as low as 620
Guarantee fees can be lower than insurance premiums on FHA mortgage
Why Choose Iconic Mortgage Corp for Acquiring A Loan
We are an approved USDA-lender and can guide you through the USDA mortgage process to help you get the right mortgage and understand the details of your situation.
Less paperwork as the application process is completely online, and this means you can also track the mortgage application.
Our lending partners will help you manage your mortgage online, after you close the loan, without any hidden fees.
