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USDA

USDA – Guaranteed Rural Housing Loans (For Home Purchasing or Refinancing)

The Guaranteed Loan Program, managed by the Housing and Community Facilities Programs (HCFP), provides a loan guarantee, to lenders such as Commonwealth Mortgage, LLC, on loans that meet USDA loan guidelines. Commonwealth Mortgage, LLC provides the loan underwriting and funding while the USDA insures the loan in case of default by the homeowner reducing the risk of the loan. Commonwealth Mortgage, LLC will handle all aspects of working with the USDA to closing.

One of the biggest hurdles to overcome for new homeowners is coming up with the initial down payment. With a USDA home loan, a borrower can finance up to 100% of the home’s value.

Both streamlined and non-streamlined refinance options are available. A non-streamlined refinance must include a property appraisal. The existing loan’s principal and interest, as well as closing costs and any lender fees, may be included in the new loan. A streamlined USDA Home Loan does not require an appraisal, but does require a home inspection to ensure the property meets all HUD requirements.

For refinancing, the USDA home Loan Program allows responsible homeowners who are also Section 502 borrowers to refinance into a guaranteed Section 502 loan. Both streamlined and non-streamlined refinance options are available. A non-streamlined refinance must include a property appraisal. The existing loan’s principal and interest, as well as closing costs and lender fees, may be included in the new loan. A streamlined USDA Home Loan does not require an appraisal, but does require a home inspection to ensure the property meets all HUD requirements.

To determine if your Property and Income are eligible for USDA, please click below or call 1-888-896-3787 and ask for a USDA loan officer.

PROPERTY & INCOME ELIGIBLITY (Click here)

The USDA Rural Housing Loans are to assist low and moderate income rural homebuyers achieve their dream of homeownership.