Open Mon-Fri: 8 am - 5 pm

نتحدث العربيه

(832) 551-1001

Open Mon-Fri: 8 am - 5 pm

نتحدث العربيه

(832) 551-1001

USDA Loans

What is it?

A USDA Loan is available to individuals and families looking to live in a USDA eligible rural area. 

Program Details:

To qualify, families need to be able to afford the mortgage payment, insurance, and taxes. The USDA Loan terms are for 30 years.

Benefits of USDA Loans:

16 No Money

No Down Payment

One of the many advantages of a USDA Loan is the ability to obtain a loan with no down payment. With this loan, you don't have to spend years of saving.

Competitive Interest Rates

Because of the USDA guarantee, lenders can offer some of the lowest interest rates on the market. Your rate could vary because of other contributing factors, like your credit score and market conditions.

Low Monthly Mortgage Insurance

USDA loans don't have Private Mortgage Insurance. Alternatively, the USDA uses two fees: an upfront fee, which is paid once when you close your loan, and an annual fee, which is divided into your monthly mortgage payment. 

Flexible Credit Guidelines

Most traditional lenders look for a credit score of at least 640. If you are looking for the lowest interest rates, you'll need a credit score closer to 720. Luckily, there is no minimum credit score for USDA loans. You need a score of 640 or higher to qualify to use the USDA's automatic underwriting system.

Documents Needed:

    Income Tax Returns, W-2 & 1099 Statements, and Pay-Check Stubs
    Self-Employed Income Tax Returns and YTD Profit & Loss Statements for self-employed borrowers
    Retirement account statements, 401k, Mutual Funds, Money Market, Stocks, etc. 
    Drivers License, Social Security Card, Any Divorce, Palimony or Alimony or Child Support papers, Green Card or Work Permit if applicable, Any homeownership papers
    Bank and Credit Card statements
    Quote for homeowner’s insurance with agent contact info
    If property has a private water well, you will need to obtain a bacteria and chemical water test that meets FHA/HUD guidelines.