With a fixed-rate mortgage, your interest rate will stay the same for the life of the loan.
USDA Rural Development Loans
Do you have questions about your eligibility or USDA Loan Requirements.
USDA Rural Development Mortgage Loans
A USDA Home Loan is a Government insured loan that allows borrowers to obtain 100% NO MONEY DOWN financing. It is designed to meet the needs of people living in small communities, rural areas, as well as outlying areas. These loans are offered by private lenders such as TFB Mortgage and insured by the government.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.
One of the most popular things people know about the USDA Loans is that it is 100% No Money Down. While that is certainly a great feature there are several other benefits and perks to this loan. The USDA Rural Development Loan also has very flexible credit requirements. In most cases borrowers are allowed to have credit scores as low as 620. They are also only required to be 2 years removed from bankruptcy and 3 years from foreclosure. USDA Home Loans do have tramline requirements. Borrowers must have at least 3 trade lines reporting on their credit with at least a 12 month history. If a person does not have this they do allow credit that's referred to as alternative trade lines. Alternative trade lines can be things such as utility bills and cell phone bills. Not only does someone have the benefit of no money down when obtaining one of the USDA Loans they can also benefit from the seller being allowed to pay up to 6% of the sales price towards the borrowers closings costs. In most cases (not always) this is more than enough to cover everything thus allowing the borrower to get into a home with no money out of pocket. USDA Home Loans are usually a cheaper loan compared to the other loan types because of the low monthly mortgage Insurance. This allows borrowers to either save money or afford more home.
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Rates are for example purpose only and are subject to change without notice and are for best qualifying borrowers with credit scores of 740 or above
- 30 Year Fixed 4.125 APR 4.610
- 15 Year Fixed 3.375 APR 3.901
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Types of Mortgages:
You can get a conventional loan at a fixed or adjustable rate.
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military.
A USDA Home Loan is a Government insured loan that allows borrowers to obtain 100% NO MONEY DOWN financing.
Whether you're looking to lower your interest rate, reduce your monthly payments or interest expense, switch from an adjustable to a fixed rate, consolidate bills, or obtain extra money to pay for expenses, a mortgage refinance could be the solution for you.