Bayer Home Loan Team

USDA Loan

Requiring no down payment, qualified individuals may finance up to 100% of the home’s total purchase price.

USDA Home Loan

What Is A USDA Loan?

USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.

USDA Loan Eligibility

Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. An experienced USDA financing professional at emm loans will help you navigate through the USDA loan process and determine if you are eligible.
Basic qualifications include:
The property being purchased must be in a rural area as defined by the USDA.
The property must be owner-occupied. Investment or vacation properties are not eligible for USDA loans.
You must meet the income restrictions for the county the property is located in. Each county has a maximum income limit defined by the USDA. This maximum income limit depends on the cost of living, median income and other economic characteristics of the county the property is located in.

USDA Guaranteed Rural Housing Loans

Emm loans offers USDA Guaranteed Rural Housing Loans. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area. Applicants may have incomes up to 115% of the area’s median income and must be able to afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process.

The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required, which sets these loans apart from more traditional home loans.

USDA loan benefits include:

100% financing option available
No down payment required, so qualified individuals can finance up to 100% of the home’s total purchase price
Better terms than a FHA or conventional loan
Flexible credit guidelines mean less than perfect credit may still qualify