Maine USDA Rural Development Loan
A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Home Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and you will always have a fixed interest rate.
What are the benefits of a USDA RD Loan?
- 100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
- You can refinance your home up to 100% of the value of your home.
- Low Fixed Rate Mortgage Options.
- They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
- They can be used for Existing Homes, Foreclosures or New Construction.
- Simple Loan Process.
- No Loan Limit. No Acreage Limit.
- There is No Prepayment Penalty.
- You can use the loan to repair or add on to your home.
- Flexible Credit Requirements.
Who is eligible for a USDA RD loan?
Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.
To find out if you qualify, and how much you can borrow based on your income and debts, call Corey at 207-400-7750 or contact via email by clicking here.