Loanbox Mortgage specializes in USDA loans. So, A USDA (United States Department of Agriculture) guaranteed home loan is the preferred loan program for eligible rural and suburban home buyers. Through the USDA guaranteed loan program and Loanbox Mortgage home buyers have access to lower rates, more lenient eligibility requirements, and 100% financing. A USDA loan can be used to purchase a home or refinance an existing mortgage. Also, it is the only loan program available to borrowers that does not require a down payment. The USDA does not offer guaranteed loans directly so you would need to reach out to one of our specialists in order to take advantage of this program. Contact us now!
Benefits of a USDA Home Loan
- 100% financing
- Guarantee Fee rolled into the loan amount, with up to 102% financing.
- Closing Costs and Lender Fees can be rolled into the loan.
- No max on purchase price. A person’s income and debt-to-income ratio will determine the logical home price.
- The following types of homes are permitted: new, existing, modular homes, Planned Unit Developments (PUD’s), condominiums and even brand new manufactured homes.
- Loan Amounts can include home improvements and repair costs.
- The USDA loan program helps lower to moderate income families purchase a home.
Eligibility for USDA Loans
- Must be a primary residence– rental properties and vacation homes are not eligible.
- Must present a decent credit history, demonstrating the ability to pay mortgage, including taxes and insurance, on time each month.
- More homes now qualify, but you would need to check with our office to see if your home is eligible.