USDA Mortgages

Are you buying a property in a rural area? Then a loan from United States Department of Agriculture could be a great option. USDA mortgages provide low-cost insured home mortgage loans. Advantages of a USDA loan are similar to VA loans. Contact us to help determine if you and the home you are buying is eligible for USDA financing.

What should I know about the St. Louis USDA Home Loan?

The most appealing part of the USDA home loan for a buyer is the 100% financing. There is no need to come up with funds for a down payment, so long as the amount of the loan does not exceed the appraised value of the house. You may also be able to roll other fees into the mortgage.

This is a program specifically meant for people with low incomes. Traditional credit scores may not count against you. What USDA home loan is looking for are homeowners with no more than a 41% debt ratio, and they have even been known to make exceptions to that rule under extenuating circumstances.

This is a fixed rate mortgage so your rates will not suddenly skyrocket in 5 years. The interest rate set is where it will stand for the entire life of the loan. Any changes in the housing market and interest rates will have no affect on your monthly payments.