What are USDA Loans?
From GoPrime Mortgage
Bozeman Home Loans:
Buy a Home with a USDA Loan
USDA Mortgage Loans, or Rural Housing Loans, are guaranteed by the United States Department of Agriculture. These loans feature a low guarantee fee and require the home being mortgaged to be the buyer’s primary residence in a qualified USDA rural area. Specific USDA income eligibility requirements must also be met.
This mortgage option is beneficial for first-time homebuyers, move-up buyers, and owners looking to refinance single-family homes in USDA-eligible rural areas. In rural states like Montana, it is an excellent choice for many borrowers. With 100% financing available, it helps overcome the barrier of a down payment and facilitates homeownership. While there are income limits set per county, there is no true loan amount limit, provided that the debt ratios comply with program guidelines.
Borrowers can use loan funds to purchase a home and cover closing costs, with moderate-income households potentially qualifying for payment assistance. USDA Mortgage Loans often come with competitive interest rates, further enhancing their appeal. It’s essential to check the program status and specific guidelines to ensure eligibility.
Key Advantages of USDA Loans:
- No down payment is required
- Finance up to 100% of the property value
- Add all fees and costs to the loan, including the guarantee fee
- No loan size limits
- Refinance current USDA loan via USDA Streamline Pilot Refinance Program with no appraisal, options to finance all closing costs
- Rates are typically a bit lower than conventional and the monthly mortgage insurance is less than half of that of FHA loans
Contact our lenders today to apply for a USDA home loan.
Want to Learn More about USDA Loans?
Mortgage Rates
When you are looking for current mortgage interest rates, you need to speak with a person you can trust with your finances and find a local Montana mortgage company you know will work with you and your finances to set up the best deal that is right for you.
Refinancing
Refinancing can be a great option if you're looking to lower your interest rate. You can also take advantage of equity in your home via a cash-out refinance to get cash on hand for remodeling projects or to consolidate high-interest debt. This is where the knowledge and expertise of your local loan officer will really shine!
What to Expect
Not sure what you'll need when applying for a mortgage? GoPrime Mortgage has a gathered all the information you need to feel confident moving forward. From required documentation to application steps and tips, we've got you covered.
Take The First Step to Buying a Home
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