With the challenges of 2020 squarely in the rearview, and life returning to ‘normal’ in a post-pandemic world, thousands of individuals and families across the USA are looking forward to the prospect of homeownership.
Yet one of the largest hurdles prospective homebuyers face remains a major sticking point for those needing to qualify for a mortgage. Financing has and remains a significant challenge for those looking to buy a home in 2021 and beyond.
Summer isn’t the only thing heating up, so is the real estate market across the United States, with home sales on the rise, competition for finding that perfect dream home can be fierce.
This quarter, Primary Residential Mortgage, Inc., a nationally recognized home loan company, discusses how homeowners can qualify for a lesser-known but beneficial type of loan that offers a myriad of benefits over traditional options such as an FHA loan.
As a company dedicated to helping individuals and families across America achieve their homeownership goals, Primary Residential Mortgage is committed to educating the public on lesser-known but beneficial options, such as USDA Loans.
The USDA Loan – a lesser-known opportunity for prospective homeowners
The USDA loan isn’t an option that many prospective home buyers are aware of. In many cases, the acronym itself plays a role in buyers assuming they don’t qualify. After all, why would the United States Department of Agriculture give a ‘normal’ homebuyer a loan?
Despite this misconception, savvy homebuyers are taking note of how this loan may help them achieve their goals. In reality, around 97% of properties across the USA are eligible for a USDA loan. Presuming other requirements are met, a USDA loan may be the most beneficial path to homeownership, according to Primary Residential Mortgage, Inc.
USDA Loan: an Overview
Although lesser-known and utilized, the USDA loan has seen a marked increase in popularity over the last few years. A USDA loan may be acquired directly from a private lender with the loan backed by the USDA, or less frequently, directly through a local USDA office that aids in facilitating the loan.
Designed to serve low to moderate-income borrowers located in rural areas, the USDA’s broad definition of ‘rural’ encompasses around 97% of the entire country.
Benefits of a USDA Loan
The benefits of a USDA loan are what make it a viable potential alternative to FHA and other types of home loans. Those interested in quickly checking if their area qualifies may visit the USDA Eligibility Map.
- 100% financing available
- ZERO down payment
- USDA guarantee results in competitive interest rates
- Flexible credit guidelines
- Low monthly mortgage insurance
- Current homeowners can still qualify
- Up to 97% of the country may qualify based on population criteria
- Favorable loan terms (15 and 30-year)
Who May Qualify for a USDA Loan?
The USDA loan was created to serve low to moderate-income borrowers located in rural areas. The word ‘rural’ is a bit misleading, however, leading many individuals to assume they don’t qualify. According to the USDA, for the purposes of qualifying for this type of loan, rural is defined as a city/town with less than 35,000 residents. Based on this metric, more than 95% of the United States could qualify.
For those interested in determining if their area qualifies, Primary Residential Mortgage has put together a convenient USDA Eligibility Map. With just an address and zip code, visitors can quickly determine if the property they are interested in is eligible for a USDA loan.
Apart from location and population, income one other major determinate as to whether or not a borrower may qualify. This figure is based on the median income for a given area, with those making at, below, or no more than 15% over the median income level eligible to apply.
Why Work With Primary Residential Mortgage, Inc.
Primary Residential Mortgage was founded out of a true passion for helping people achieve their dreams. In America, part of that dream is often homeownership. Yet far too many individuals and families struggle with getting the help they need.
Taking a customer-centric approach, Primary Residental Mortgage puts ‘people before profit’ and with a motto of ‘Where the Primary Focus is You’, this company has set itself apart from other large commercial lenders that treat borrowers like just another number on an application.
- Advocacy and doing right by the customer
- Teamwork and collaboration
- Providing stability
- Excellence of service
- Empowering others
- Fostering happiness
About Primary Residential Mortgage, Inc.
Headquartered out of Little Rock, AK, Primary Residential Mortgage is on a mission to help individuals and families achieve their dreams of homeownership, matching borrowers with USDA lenders.
Since its inception, the company has built a reputation for always putting its clients first and for providing world-class customer service and support.
Those interested in exploring the possibility of qualifying for and obtaining a USDA loan are encouraged to reach out via its official website, or by calling 855-474-7169.
License Info: NMLS # 3094. Branch NMLS # 252910. Licensed by Arkansas Securities Department 11558
Company Name: Primary Residential Mortgage, Inc.
Contact Person: Media Relations
Email: Send Email
City: Little Rock
Country: United States