USDA Home Mortgage Loans

What is a USDA mortgage?

The USDA’s Single Family Housing Guaranteed Loan Program makes it easier for low and moderate-income families to own homes in rural areas. Community lenders like JVB are able to offer these loans with 100 percent financing to eligible rural residents. No down payment is required.

How do I qualify for a USDA home loan?

Income and location determine eligibility for a USDA rural development loan. Limits vary by county, family size, and other factors. Visit the USDA’s website to check your eligibility for a housing loan. You can also type in the address of the property you wish to buy or renovate to check for location eligibility. While these loans are primarily intended for rural areas, some suburban locations are also eligible. Like many specialty home loans, USDA home loans are available only for primary residences.

Can you refinance a USDA rural development loan?

Refinancing your USDA home loan ensures you are getting the best rate on your mortgage. Once you’ve had your USDA home mortgage loan for twelve months, you can consider refinancing. There are three common ways to refinance your USDA loan.

USDA Streamline Refinance: Take advantage of a drop in interest rates by refinancing. With a streamline refinance, you may be able to skip a new appraisal and add or remove borrowers from your loan.

USDA Streamline-Assist Refinance: If refinancing will drop your monthly payment by $50 or more, you may qualify for streamline-assist refinancing. No new appraisal or credit check is required, and you can add new borrowers to the loan.

USDA Non-Streamline Refinance: Similar to streamline refinancing, borrows who elect this option are required to get a new appraisal on their home.

Benefits of USDA Loans vs FHA and VA Loans.

USDA loans are best known for offering 100 percent financing. By avoiding a down payment, many buyers can afford to take on a mortgage and move into their new home. USDA loans are different from VA loans in a couple ways. VA loans are only available to current and former members of the military, and USDA loans are limited to buyers in certain, more rural, geographic areas of our country. While both offer the option of no down payment, USDA loans charge an annual fee. USDA loans are also similar to FHA loans, but USDA loans offer lower fees and no down payment. Our JVB mortgage experts in Centre County, Huntingdon County, Juniata County, McKean County, Mifflin County, Perry County, and Potter County are happy to help you navigate your home loan options. Just give us a call!

Contact us to learn more about rural development home loans!

Is a USDA home loan the best option for your home purchase or mortgage refinance? Are you wondering how to get a USDA loan? Our Pennsylvania-based mortgage loan officers can help you determine your eligibility and explore all of your mortgage options. JVB is a trusted local mortgage lender with a long history in your Central PA community. Whether in person or online, the mortgage team at JVB is ready to answer your questions about USDA mortgage loans and the application process. Visit a JVB office near you or apply online today. We look forward to hearing from you!

  • Call the JVB Customer Care Center to be connected to one of our experienced home loan lenders. 1-855-582-5101
  • Let us call you. Use our Schedule a Call form and someone will contact you on a date and at a time of your choosing.
  • Email our team to determine if a USDA home loan is right for your needs.
  • Chat with us right now using the Live Chat link showing at the top of the page.
  • Visit your local JVB community office in Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Port Allegany, Lillibridge, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, or Liverpool or our loan office in State College.