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Perennial Funding > Blog > Mortgages > Buy a Home With a USDA Mortgage Loan

Buy a Home With a USDA Mortgage Loan

Financing is available for properties that are located outside of certain metropolitan and suburban areas. However, first time home buyers may be attracted to low-down payment mortgage products from the FHA or conventional sources that might not qualify for rural financing. Perennial Funding offers competitive interest rates for USDA mortgage loans.

About USDA Mortgage Loans

The U.S. Department of Agriculture offers government-backed mortgage loans to approved borrowers who want to finance qualifying properties.

As a premier option for financing rural properties, USDA mortgage loans are ideal for borrowers who need to finance properties with more than five acres or to finance properties that are located in areas for rural development.

Benefits of Buying a Home With a USDA Mortgage Loan

As long as a buyer is purchasing a property that is a nonworking farm, a USDA mortgage loan offers favorable financing solutions. Shown below are some of the benefits of USDA home mortgage loans.

  • No down payment is needed for qualified borrowers.
  • Up to 50 percent of a borrower’s income may be used for qualifying purposes.
  • Attractive mortgage interest rates for rural properties.
  • Flexible credit requirements to get approved for a USDA home loan.
  • Competitive private mortgage insurance rates.
  • Funding time frames are typically less than 60 days.
  • Extends financing to approved borrowers with low incomes.

Applying for a USDA Home Mortgage Loan

Prior to shopping for a home in a rural area, buyers can discuss various financial options with a licensed loan officer. For instance, it’s wise to have a financial snapshot that reflects the maximum loan amount and the approximate monthly payment for a 30-year mortgage term.

By completing our online mortgage application, one of our licensed mortgage professionals can review the initial details for a loan request and determine whether a financing opportunity exists.

Either way, we communicate our findings with all applicants. To secure an approval for a USDA mortgage loan, a borrower will need to provide additional documents, such as recent pay stubs, bank statements and tax returns for the preceding two-year period.

Working with an experienced team of lending professionals is encouraged for home buyers who are interested in obtaining a USDA mortgage loan.

We employ loan officers who are knowledgeable and eager to assist local home buyers.

Contact Perennial Funding today about buying a home with a USDA mortgage loan or about refinancing an existing USDA home mortgage loan.

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Perennial Funding LLC, 161 Washington St. Suite 950, Conshohocken, PA 19428

Loan programs are subject to credit approval. Other terms, conditions, restrictions and fees may apply. All of the information on this website is published in good faith and for general information purposes only. Perennial Funding does not make any warranties about the completeness, reliability and accuracy of this information. Any action you take upon the information on our website is strictly at your own risk and we will not be liable for any losses and damages in connection with the use of our website. The content in this website should not be construed as a mortgage loan commitment. From our website, you can visit other websites by following hyperlinks to these sites. While we strive to provide only links to useful and ethical websites, we have no control over the content and nature of these sites and the links to other websites do not imply a recommendation for all of the content found on these sites. Please be aware that when you leave our website, other sites may have different privacy policies and terms, which are beyond our control. Thank you for visiting Perennial Funding's website.
*By refinancing your existing mortgage your total finance charges may be higher over the life of the loan.

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