USDA Rural Development Loans
USDA loans are 100% financing options for people looking to purchase a primary residence in qualifying rural areas. The USDA Rural Development Home Mortgage program is a flexible, no-down-payment, program designed to promote homeownership for residents with low-to-moderate income, living in qualifying areas. Apply for your Columbia, MO USDA loan or apply for USDA loans for different parts of the country online here! Magnolia Bank is based in Columbia, MO and may help you secure your USDA loan today.
- Are you looking to purchase a home in a smaller town or outside of city limits?
- Do you have little to no money for a down payment?
- Do you have a low-to-no credit score and can’t qualify for a conventional loan?
- Are you a first-time homeowner looking for affordable, monthly payments?
If you answered “Yes” to any of these questions, Magnolia Bank in Columbia, MO is the perfect mortgage lender for you. Contact us today to confirm the eligibility of area median income for your area by filling out the form or calling(800) 537-2050.
What is a USDA Rural Development Loan?
The US Department of Agriculture offers a rural development loan program in effort to improve to quality of life in rural areas by working with lenders to extend financial opportunities to the people living there. There are many benefits of the USDA rural development program including no down payment, reduced private mortgage insurance, and they are a positive solution for people who are not eligible for conventional loans. All single-family homes, condos and planned unit developments (PUD) with an occupied owner (no investment properties) are eligible for financing.
Limitation and restrictions vary by county, as boundary areas are defined by the USDA. Income limitations and restrictions will also vary by area and the number of members in your household.
If you would like more information on USDA Rural Development loans and qualifications in Columbia, MO and other areas across the United States, please contact us.
USDA Home Loan Benefits
- No Down Payment
- Reduced Private Mortgage Insurance (PMI)
- No Acreage Limits
- 100% Financing
- Lend up to 103.5% of the home’s appraised value
- Low, Fixed Monthly Payments