USDA Home Loans
USDA Rural Development Guaranteed Loan
- Fixed-rate loan to purchase or refinance of a 1-Unit, owner-occupied home.
- The property must be a stick-built single-family residence consisting of one living unit, and all borrowers must occupy the property.
- The 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.
- The maximum loan-to-value is 101% for purchase and 100% for refinancing, 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.
NOTE: All terms and conditions are subject to change without notice.
Need more information? Contact our Mortgage Loan Officers to discuss your options and let us help guide you through this process.