USDA loans are a great choice for borrowers in rural to semi-rural areas. They offer a low interest rate, reasonable closing costs and can close in a timely manner. Another great feature of this loan is that it allows 100% financing of the purchase price of the home.
There are specific qualification criteria for USDA guaranteed loans, so talk with the Flanagan State Bank Iowa team today to see if this program is a good fit for you. We will be able to guide you through the application process and provide answers to all your financing questions.
USDA loans are designed for low to median income households. Each county has a limit that is set by the USDA. We monitor the county limits near you and will be able to advise you on your income eligibility. In addition, debt to income ratios are very strict on the USDA Program. If your monthly income vs. your debts exceed a certain percentage, you may not be eligible for this program. The property you’re considering must be in one of the USDA’s designated geographic areas. Rural areas and smaller towns under 10,000 in population are considered USDA eligible. Our Mortgage team can advise if a property you are interested in is USDA eligible—just ask to see a USDA eligible map.
Want to get more information or see if a USDA loan might be a good fit for you? Contact a loan officer here.
*Note this website is not from the FHA, USDA, VA or HUD and was not approved by any government agency.