USDA Mortgage Loans

USDA RURAL HOUSING Loan

Rural Housing Loans Utah  

A Utah USDA Rural Housing loan is a mortgage loan that is guaranteed/insured by the U.S. Department of Agriculture and available for qualified individuals who are purchasing or refinancing their Utah home loan in an area that is not considered a major metropolitan area by USDA.


Benefits of a USDA Rural Housing Loan

  • 100% Financing - you can buy a home with no money down and even finance your closing costs

  • You can refinance your home up to 100% of the value of your home

  • Low fixed rate mortgage options

  • Easier to qualify for because the government insures the loan so that there is less risk to the lender

  • They can be used for existing homes, foreclosures, or new construction

  • Simple loan process.

  • No loan limits or acreage limit

  • No prepayment penalty

  • You can use the loan to repair or add on to your home

  • Flexible credit requirements
     

Who is Eligible for a USDA Loan?

Generally, these loans are available to anyone who meets minimum credit guidelines and local area household income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.
 

Misconceptions of Utah Rural Housing Loans

  • They are just for farmers - This just isn't the case, it's not "just for farmers," millions of people already qualify.

  • FHA or Conventional Loans are better - In fact, USDA Loans often offer better terms than an FHA or conventional loans.

  • They aren't flexible - Actually, they can be used to buy a new home or refinance to a lower rate.

  • Only certain people can qualify - Anyone who meets the income and credit guidelines can qualify.

  • They are only for rural areas - Actually, they are available in many areas that most people would not consider rural. For example, small communities just outside of metropolitan areas.

  • They are harder to get than FHA or Conventional Loans - This just isn't true, in many cases, they are actually easier to get because the loans are guaranteed by the government.
     

Why Advanced Funding?

When getting pre-qualified for a Utah mortgage loan, having the right mortgage broker can make a big difference.

As a home loan broker, Advanced Funding Home Mortgage Loans shops several mortgage lenders for the best loan programs and the lowest interest rates.

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