Rural Development Loans (USDA)

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Are you dreaming of purchasing a new home without the burden of a substantial down payment? Well, you've arrived at the right place!

USDA home loans have played an instrumental role in making homeownership a reality for countless individuals by eliminating the need for a down payment – a feat unmatched by any other type of financing available.

Through this innovative program, the dream of owning a home has become more accessible than ever before, empowering aspiring homeowners to take that crucial step towards building a secure future.

Qualifying for a USDA home loan is a refreshingly straightforward process, thanks to the program's federal government backing, which incentivizes lenders to provide the type of financing you need.

• No Down Payment Requirements — Unlike most other mortgage options, USDA home loans in require no down payment, making it easier for individuals to qualify and take the first step towards homeownership.

• Accommodating Lower Credit Scores — Because USDA Rural Development loans are backed by the federal government, those with less-than-perfect credit histories have an easier path to approval, opening doors that may have been closed with other lending programs.
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As a trusted USDA Rural Development Loan provider, we offer competitive USDA mortgage rates and some of the most affordable closing costs for your USDA mortgage. Our seasoned USDA mortgage experts will guide you through the process, maintaining open communication to ensure a timely closing and addressing all your questions along the way.

Getting started with a USDA mortgage loan is a remarkably simple endeavor, designed to make homeownership accessible to a broader range of individuals seeking the security and stability of owning their own home.

USDA Rural Home loans are subject to geographical and income eligibility requirements. Generally, communities on the outskirts of larger cities with fewer than 30,000 residents qualify. However, this should not discourage you from exploring USDA funding, as there have been instances where USDA-eligible areas exist within regions initially deemed ineligible – a seemingly odd but entirely true phenomenon.

At Old Republic Mortgage, we can assist you in navigating the property eligibility criteria and conducting the necessary searches. If you have any questions, our team is ready to provide guidance and clarify any concerns you may have!

You may be surprised to discover just how many residences fall within USDA-eligible areas, making this financing option more widely accessible than you might expect.

Funding for USDA Loans can be obtained for up to 100 percent (or 102 percent if the guarantee fee is included in the loan) of the appraised value or the acquisition cost, whichever is lower. This remarkable feature eliminates the need for a down payment.

USDA Mortgages offer 30-year fixed rates at current market interest rates, providing stability and affordability for homeowners.

Financing can also include funds to cover closing costs, the guarantee fee, legal expenses, title services, the cost of establishing an escrow account, and other prepaid items if the assessed value exceeds the sales price. Additionally, sellers are permitted to contribute towards the buyer's closing costs.

At Old Republic Mortgage, we proudly serve home buyers in Idaho, Washington, and Nebraska, helping them navigate the USDA loan process.

It's important to note that buyers are required to directly occupy the dwelling after purchase, as these loans are intended for primary residences.

For home purchase loans, a one-time guarantee fee is charged, ensuring the program's continued accessibility and sustainability.