Flat Branch Home LoansUSDA Loans
The USDA Loan Program allows buyers to purchase a primary residence in a rural or suburban area without a down payment while obtaining a favorable interest rate. USDA Interest rates are often lower than other loan programs. All USDA loans are insured by the US Government.
No Down Payment!
USDA does charge an annual service fee of 0.35% of the total loan amount. This fee is spread out over the course of the year and is made when you make your monthly loan payment. USDA also charges an upfront fee of 1.0% of the loan amount. This is a one-time fee that can be rolled into the loan.
Not Limited to First Time Homebuyers
Annual household income limits may apply to USDA mortgages and unlike other loan programs, daycare expenses and other allowable expenses may be deducted from your annual income to help you keep under the limit. Your Flat Branch Home Loans mortgage banker can calculate your household income to make sure you are eligible.
Qualifying Properties for USDA
Must be a rural or suburban residence
Income producing land or structures are not allowed.
Roof must have a remaining life of at least 2 years.
Floor or wall heating sources are allowed as long as they are permanent, safe and adequate.
A wet basement or crawlspace is not acceptable, this must be cured prior to closing.
Smoke detectors are required.
Property must have adequate hot water services
Want to check if the property you're interested in is USDA eligible? Please reach out to your Flat Branch loan officer or an eligibility map can be found at the USDA Website
USDA Loans Highlights
- 100% financing
- No down payment necessary
- Great interest rates
- Loans up to $424,100
- Insured by the Government
- Closing costs can be rolled into loan.
- Community Champions eligible