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USDA Loan are mortgages backed by U.S. Department of Agriculture as are part of its’ USDA Rural Development Guaranteed Housing Loan program. USDA loans are available to home buyers with low-to average income for their area; offer 100% financing with reduced mortgage insurance premiums; and feature below-market mortgage rates.
USDA Loan Highlights
· Residence must reside in a U.S. Department of Agriculture defined “rural” location.
· A buyer’s income cannot exceed specific earnings levels.
· USDA loans are only available for a primary residence.
· USDA loans can be used by first-time and repeat buyers.
· Buyers can finance 100% of a home’s purchase price.
· Rates are better-than-average.
· There is no maximum loan size. The amount that can be borrowed is limited by the household’s debt-to-income.
· USDA loans are available as a 30-year or a 15-year fixed rate mortgage only.
How USDA Home Loans Work
· Fixed rate monthly payments are based on interest rate, principal loan amount and amortized interest of the life of the loan. Your payment will not change throughout the life of the loan.
· Pay your mortgage at any time without pre-payment penalties
To learn more about USDA Loans, please click the Find Out More button below and one of our USDA Loan experts will be in contact with you shortly.
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“For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. UMortgage LLC D/B/A UMortgage NMLS ID #1457759. Equal Housing Opportunity, 2024 All Rights Reserved.
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