May 25 2017

USDA Single Family Guaranteed Housing Loan #short #loans

#usda loan program

USDA Home Loan

USDA Single Family Guaranteed Housing Loan

USDA loans are mortgage loans which are guaranteed by the U.S. Department of Agriculture. Home buyers who buy a home in a qualified USDA area, and who meet USDA income eligibility requirements, can take advantage of the USDA’s low mortgage rates and a program which requires no down payment*. With a USDA Loan homebuyers can finance up to 100% of the purchase price of a property.

You cannot get this type of loan directly through the USDA, however you can get it through Community State Bank. CSB is part of a network of lenders approved by the USDA to offer this unique program.

Loans insured by the U.S. Department of Agriculture are available as 30-year fixed rate mortgages only.

Who may apply for this program?

Applicants must:

  • Agree to personally occupy the dwelling as their primary residence
  • Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
  • Have the legal capacity to incur the loan obligation
  • Have not been suspended or debarred from participation in federal programs
  • Demonstrate the willingness to meet credit obligations in a timely manner
  • Purchase a property that meets all program criteria
    How do I know if the home I want to purchase is in an eligible area.

    USDA Loans are offered in most areas where the city, town or village has less than 20,000 residents. Check eligible addresses for the loan guarantees.

    Why does the USDA offer these types of loans?

    This program helps lenders, like Community State Bank, work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.

    If you have questions about a USDA Single Family Guaranteed Housing Loan, or would like more information, please contact CSB Mortgage Center Manager Shakil Haider. or Mortgage Loan Officer Kim Terpstra. You can also apply online here .

    *For a complete list of product details, eligibility requirements, property eligibility requirements and applicable insurance costs and fees, please contact the CSB Mortgage Center.

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