USDA Loans

USDA_header image

USDA/Rural Development Loans

Live Comfortably Outside of City Limits

Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.

USDA Loan Highlights

With flexible requirements, USDA loans feature:

  • 100% financing + required guarantee fee = 102% of the appraised value
  • Low FICO score requirements
  • Low interest rates
  • Low closing costs
  • Gift funds can be used for closing costs
  • 30-year, fixed-rate mortgage

USDA Loan Eligibility

Eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:

  • Property must be located in a USDA designated rural area
  • Maximum loan limits vary based on location
  • Household members can have a total income of up to 115% of the medial income for the area
  • Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis




 

Financing available in Missouri, Illinois, Tennessee and Florida


*Loan-to-Value (LTVs) and Combined Loan-to-Value (CLTVs) may vary by loan amount and credit score. **Restrictions may apply. Ask your Fairway Loan Officer for details. Copyright © 2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Equal Housing Lender. IL License Number 031.0054191 MO License Number 20213-MLO.


Dawn Merrick

Charlie Witzke
Loan Officer - NMLS# 400208