Michael Campites Photo Not Available

Michael Campites | NMLS# 160086
Mortgage Consultant

USDA Home Loan

NJ Lenders Corp.

If you thought U.S. Department of Agriculture (USDA) loans were just for farmers – think again. Let us

If you thought U.S. Department of Agriculture (USDA) loans were just for farmers – think again. Let us educate you about USDA loans and help you take advantage of their many benefits.

What Is a USDA Loan?
USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has been expanded in recent years to give more people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans. 

USDA Guaranteed Rural Housing Loans
We offer USDA Guaranteed Rural Housing Loans. These loans are designed to help families without adequate housing finance the purchase of a home in a rural area. Applicants may have incomes up to 115% of the area’s median income and must be ableto afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process.

The duration of a USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required, which sets these loans apart from more traditional home loans.

USDA Loan Eligibility
Program guidelines are very specific – but don’t let that stop you from achieving your homeownership goals. Our experienced USDA financing professional will help you navigate through the USDA loan process and determine if you are eligible.

Basic qualifications include:

  • The property being purchased must be in a rural area as defined by the USDA.
  • The property must be owner-occupied. Investment or vacation properties are not eligible for USDA loans.
  • You must meet the income restrictions for the county the property is located in. Each county has a maximum income limit defined by the USDA. This maximum income limit depends on the cost of living, median income and other economic characteristics of the county the property is located in.

Benefits of a USDA Loan
USDA loans offer a number of unique benefits that set them apart from standard home loans. USDA loans require no down payment, so qualified individuals can finance up to 100% of the home’s total purchase price. This makes them one of the more desirable loans available to homeowners.

USDA loan benefits include:

  • 100% financing option available
  • Great rates and down payment options
  • Better terms than a FHA or conventional loan
  • Flexible credit guidelines mean less than perfect credit may still qualify

Learn More About the USDA Loan Application Process
Contact us and a qualified home loan professional will walk you through the USDA loan application process and answer any questions that may arise.  Get started today.

USDA Loan Property Eligibility