USDA

Most commonly known as an RD loan, this loan is also backed by the government. This loan also provides 100% financing which means no down payment for those that qualify. Gift funds can be used toward down payment or closing cost. The upfront mortgage insurance rate is typically lower than that of FHA or VA. It also has on the lowest annual mortgage insurance fees. The up-front fee can be rolled into the loan which reduces your out-of-pocket cost at closing. To qualify for this loan, the property you are purchasing must be in a USDA designated area. The USDA Mortgage Eligible Map will show you all the areas where you can use this loan. It’s important to note that there are income eligibility requirements for this loan. These income eligibility requirements vary based on location. Please contact one of our Loan Officers to determine overall eligibility.