refinance home loan
If you are one of those home buyers who does not have the minimum down payment requirement with Conventional and USDA financing, then a USDA home mortgage loan may be for you.
USDA home mortgage loans are offered to help lower to moderate income households purchase homes in rural areas and in some cases on the outskirts of a city or in a medium sized town as determined by the United States Department of Agriculture (USDA) with NO DOWNPAYMENT requirement! USDA home mortgage loans offer many advantages to qualified borrowers looking to buy or refinance (no cash out) including:
- 100% financing
- No monthly mortgage insurance
- No asset requirements
- Gifts allowed for closing costs
- Required property improvements can be financed into the loan up to 102% of the “improved” value, which can be completed after closing.
Eligible USDA property types include single family homes and condominiums (primary residence only). USDA does have some income and property eligibility requirements. Please Contact us to find out these limits in your area of interest.
Even though a mortgage insurance premium is not required, USDA charges a 2% funding fee to guarantee the mortgage, which may be financed into the loan.
USDA Purchase Loans
How it Works
USDA purchases are primarily designed to help low income individuals and households to purchase a home in rural areas. These loans do not require a down payment but do have income and property limitations. For more information please contact us.
Here at Mid America Mortgage, Inc., we specialize in servicing first time home buyers with USDA loans in San Antonio. A USDA mortgage offers many advantages, as it is very popular with first time homeowners, so you should expect lower interest rates and NO DOWN PAYMENT in relation to a conventional residential home loan.
Exciting things are happening with USDA home financing USDA is only 1 of only a few options left for true 100% financing and you ll want to stay up-to-date with changes in loan limit increases, and USDA Mortgage news, so feel free to subscribe to our USDA blog below.
We make the process of purchasing a new home or refinancing your current mortgage simple and straight forward by offering you the latest in financial tools set forth by the best banks in our country. This will enable you to make the most accurate financial decision. Purchasing a home or refinancing your current mortgage should not be stressful.
Please contact us for up to date rates and any other mortgage questions or apply now.