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USDA Loans

RURAL DEVELOPMENT LOANS

The USDA Rural loan is available in certain areas of the country where barriers to home ownership may exist which aren’t a factor in more populous areas. The loan is issued by a private lender and like the FHA loan is guaranteed against buyer default, allowing for less stringent requirements and even a higher borrowing amount. You may borrow up to 100% of the fair market value of the home in order to forego a down payment requirement.

WHY WE LOVE THIS

  • Purchase with 100% financing up to Appraised Value
  • Seller Contributions up to 6%
  • Offers The Least Expensive Mortgage Insurance

MTG APP CHECKLIST

Here are some of the items you should gather for your pre-approval. You are not required to have all the documents on hand to submit your request for pre-approval and your mortgage advisor will guide you on what items are needed based on your circumstances.

 

  •  IDENTIFICATION
    You will need a U.S. government-issued form of ID, usually a State-issued Driver’s License.
  •  PAY STUBS
    You should have your most recent pay stubs or other earned income documentation for the last 30 days.
  •  BANK STATEMENTS
    The lender will need most recent two months of official bank statements, which include the account number(s) and any blank pages.
  •  FEDERAL TAX RETURNS AND W2’S/1099’S
    You may be asked to provide your tax filings and W2’s /1099’s for the last two years for all forms of income you received (earned income, self-employment, etc.)
  •  RETIREMENT BASED INCOME
    If applicable, provide income documentation for any retirement pensions, annuities or Social Security.
  •  DISABILITY BASED INCOME
    If applicable, also include proof of income from worker’s compensation, State Disability, Social Security Disability or private settlement.

 

You won’t need to supply a credit report. With your authorization, we will pull your credit report, free of charge.

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