The Time is Right to Save
Effective October 1, 2016, USDA is reducing their upfront guarantee fee from 2.75% to 1.0% and their annual fee from .50% to .35% for purchasing and refinancing in the Roanoke area.
USDA Purchase Loan Advantages
- No down payment required
- Low upfront guarantee and annual fee
- Non-traditional credit allowed
- Not exclusive to first-time homebuyers
USDA Refinance Program Advantages
- No appraisal
- No out-of-pocket-funds to close
- No debt-to-income requirements*
- Skip a monthly payment
Backed by the US Department of Agriculture, the USDA home loan offers those living in rural communities the opportunity to own a home at affordable rates. Now, with rates at an all-time-low, it’s an especially a great time to become a homeowner.
Looking to refinance? USDA’s Streamlined-Assist Refinance program is designed to save you money every month. Because you’ve already qualified for a USDA loan, you’ll need less documents to refinance, allowing you to close quicker and save money long-term.
*USDA income limits apply. Primary residents only for a 30-year fixed rate loan. Must have no late payments in the last 12 months.