USDA Loans

A USDA Home Loan is made by an approved lender and guaranteed by the US Department of Agriculture.  To qualify, the subject property must be located in an eligible rural area as determined by the USDA, and the borrower must be within the eligible income limits as determined by the USDA.  Only single family, owner occupied residences may be financed by a USDA loan.

The underwriting guidelines are less strict than for Conventional loans.  There is no down payment requirement.  The credit requirements are relatively lenient, allowing for prior bankruptcies and lower credit scores.  Gift funds and seller concessions are permitted.   Closing costs and pre-paid costs may be rolled in to the loan if the property appraises for more than the selling price.

USDA home loans require an upfront guarantee fee, which may be financed into the cost of the loan.  There is also a small monthly guarantee fee that is due with the monthly mortgage payment.

Contact us at 888-247-5757 today, to see if the USDA loan is the right loan product for you.

Copyright 2017 Franklin First Financial Ltd. All Rights Reserved.

Franklin First Financial Ltd. (NMLS# 1630)
538 Broadhollow Road, Suite 401, Melville, NY  11747
Direct:  (631) 847-8700
Toll Free:  (888) 933-8639
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FRANKLIN FIRST FINANCIAL, LTD. 538 BROADHOLLOW RD, STE. 401 MELVILLE, NY 11747 IS A LICENSED MORTGAGE BANKER-NYS DEPT OF FINANCIAL SERVICES. LICENSE #107407 NMLS #1630, HUD APPROVED TITLE II NON-SUPERVISED LENDER #17895-0000-0. FRANKLIN FIRST FINANCIAL IS NOT ACTING ON BEHALF OF OR AT THE DIRECTION OF HUD/FHA OR THE FEDERAL GOVERNMENT. ALL LOANS ARE SUBJECT TO CREDIT & APPRAISAL APPROVAL. PROGRAMS, RATES, TERMS, AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE.OTHER RESTRICTIONS MAY APPLY. THIS IS NOT A COMMITMENT TO LEND. COPYRIGHT FRANKLIN FIRST FINANCIAL, LTD. ALL RIGHTS RESERVED.

 

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