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VA, VA IRRRL & USDA

USDA Rural Development Guaranteed Loan

  • Fixed rate loan to purchase or refinance of a 1-Unit, owner-occupied home.
  • Security must be a stick-built single family residence consisting of one living unit, and all borrowers must occupy the property.
  • Loan term is offered at 30 years. There is a one-time guarantee fee of 1.00% for purchase and refinance, which is paid to USDA.
  • There is an annual fee of .35% of the unpaid principal balance that will be paid over the life of the loan.
  • Maximum loan-to-value is 101% for purchase and 100% for refinance, based on the appraised value. This can include repairs, closing costs and the USDA Guarantee fee for financing as part of the loan package.
  • No prepayment penalty.
  • Program is designed for moderate-income borrowers. Applicants should work closely with their loan officer when applying for financing under this program to ensure eligibility of both applicants and proposed purchase property.

VA Guaranteed Loan

  • Fixed rate loan to purchase or refinance.
  • Owner-occupied home, 1-unit.
  • Security can be a stick-built or manufactured home as real property.
  • Maximum loan term is 30 years.
  • No down payment.
  • VA Funding Fee can be financed.
  • No prepayment penalty.
  • Applicants should work closely with their loan officer when applying for financing under this program to ensure eligibility of both applicants and proposed purchase property.

NOTE: All terms and conditions are subject to change without notice.

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