USDA Loan Benefits
Originally designed to help rural Americans realize the dream of homeownership, the USDA Mortgage now services a wide variety of locations, homes and properties through USDA approved lenders. The USDA Rural Development Single Family Housing Guaranteed Loan Program is one of the most powerful mortgage options available for rural and suburban homebuyers. USDA Loans come with significant benefits that provide homebuyers the opportunity to achieve loan terms that no other program can offer. Of the many benefits, the most cited is the ability to obtain 100 percent financing.
100% Financing Available
Can Use a Gift or Grant
Different Credit Guidelines
No Max Purchase Price
How it works…
Any individual or family who plans to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan. An applicant for the USDA mortgage guaranteed loan must provide sufficient income verification and a credit history that indicates an ability and willingness to meet repayment obligations.
USDA Loan Refinance
If you have received a USDA loan in the past, you know how beneficial this program can be for low to medium income homebuyers. By providing 100 percent financing, construction loans, and not requiring private mortgage insurance, the USDA is able to open the housing market up to buyers who might not otherwise qualify. If you have a USDA mortgage and are interested in the option to refinance, there are a few requirements to meet before you begin the refinancing process. A TJC Mortgage, Inc. loan officer can walk you through the process and answer your questions. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
New Interest Rate
New Loan Term
The mortgage to be refinanced must already be a 502 USDA Loan (Guaranteed or Direct), The mortgage to be refinanced should be current (not delinquent). No cash may be taken out on mortgages refinanced using the USDA loan refinance process. Borrowers must use the refinance on their primary residence and the borrower must have made 12 consecutive, on-time, payments directly before the refinance. Additionally, if you are refinancing your mortgage in order to improve your home, the USDA program requirements do provide the option for financing up to 102 percent of the appraised value of the home.
Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan.
You Maybe Be Able to Refinance Your USDA Loan
Call TJC Mortgage, Inc. at 205-815-9200 for rates and loan information or fill out our quick quote application and a TJC Mortgage loan officer will contact you to discuss your loan options.