The US Department of Agriculture offers special programs for qualified home buyers that allow you to finance up to 100% of the home's purchase price. This mortgage type is known by many home buyers as the "no-money down" mortgage. Not all lenders offer this financing option; however, Power Mortgage IS one of the few lenders in our area qualified to offer this mortgage type. Buyers that are able to qualify for this type of financing can often take advantage of better rates and terms as well.
Do you qualify for a USDA Rural Development Loan?
Fill out a quick application to see if this is a fit.
As with most loans, there are stipulations to qualifying for Rural Development loan. To help you do a quick pre-qualification, check out some of our FAQs below to keep in mind as you begin this process.
Your property must be in a location that qualifies as "rural" under the USDA guidelines. We can tell you in less than 5 minutes if your property is qualified as being in a "rural" zone.
No down payment... no problem! With USDA loans, there is nothing required down.
The USDA program is open to all home buyers whether you are a first time home buyer or on your tenth home; however, it may be used only on your primary residence.
There is no minimum credit score, but keep in mind that credit scores of 640 or higher often provide for quicker approvals and better loan terms.