USDA Loans: Amazing Rates for a Fresh Start
USDA loans are a type of government-backed loan with great rates available to clients in need of financing in certain rural and suburban areas who fall within certain income brackets. If you are considering financing a home with a USDA loan, the mortgage professionals at Land Run Mortgage can help determine your eligibility. We have extensive experience with USDA loans and other nonconventional and conventional loan options and can help you choose the best-suited financing for your unique needs. If you are considering purchasing, rehabilitating or improving a home with a USDA loan in Oklahoma City, Edmond or surrounding Oklahoma, contact us today to schedule a consultation.
What is a USDA Loan?
USDA loans are provided through the U.S. Department of Agriculture. They are a type of nonconventional loan, which means that they are backed in part by the federal government. Other types of nonconventional loans include VA loans (for veterans and servicemembers) and FHA loans (offered through the Federal Housing Administration). Conventional loans differ from USDA loans and other nonconventional loans in that they are not insured through the government. Conventional loans have more stringent qualification requirements than USDA loans.
USDA loans require as little as 0% down payment and have very competitive interest rates when compared with conventional mortgage options.
Single Family Housing Guaranteed Loan Program
There are several types of USDA loans designed to encourage rural development and help clients with low to moderate income purchase or improve a home.
The Single Family Housing Guaranteed Loan program is one of the most common USDA loans we provide. As a private lender, we provide total financing for USDA loans. The Department of Agriculture provides a 90% loan note guarantee to Land Run Mortgage if a borrower defaults on payment, which gives us the freedom to lend to a broader array of clients in different financial situations.
Who is Eligible for a USDA Loan?
The professionals at Land Run Mortgage will determine if you are eligible for a USDA loan and show you eligible areas in Oklahoma City, Edmond and surrounding areas for your home. USDA home loan applicants must:
- Live in the property as a primary residence
- Be a citizen, non-citizen national or Qualified Alien of the United States
- Have not previously been barred from federal assistance programs
- Demonstrate the financial ability to keep up with monthly payments
- Purchase, refurbish or improve a home that meets program criteria in approved rural areas
Make the Most of a Great Government-Backed Lending Program
USDA loans are designed to help populate less crowded areas while assisting people with low to moderate income achieve the dream of owning a home. The professionals at Land Run Mortgage are eager to help you determine if this type of loan is right for you. Contact us to explore USDA loans and other nonconventional loan options for homes in Oklahoma City, Edmond and surrounding Oklahoma.