USDA Loans Las Vegas
A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA. Generally these loans are available to anyone who meets minimum credit guidelines and local area income.
USDA Loan Benefits
- No Down Payment - 100% financing is undoubtedly the greatest benefit of this loan type
- Lower-Than-Market Interest Rate - Since these loans are insured by the U.S. Department of Agriculture, borrowers are offered a low, across-the-board interest rate that doesn't vary based on their down-payment or credit score, as it does with conventional financing.
- Low Monthly Private Mortgage Insurance (PMI) - Private mortgage insurance is required for any loan with less than 80 percent loan-to-value, so if you're taking advantage of this loan's no required down payment, you will have to pay monthly mortgage insurance. Luckily, the USDA loan’s private mortgage insurance rate is the lowest of any loan program and doesn’t change based on your down payment, as is the case with other financing options.
- Flexible Credit Guidelines - Borrowers with blemished or limited credit histories can still qualify for home financing with the program. Lenders may accept “alternate” tradelines, such as cell phone bills, rent, utilities, etc. to represent the borrowers payment history if their credit history doesn't suffice.
Get in touch with us today to see if you qualify!