USDA Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.

USDA Loans
 

Great for First-time Home Buyers

100% Financing (including Closing Costs)

No Down Payment Requirements

No Prepayment Penalties

Low Rates

Existing Homes, Foreclosures, New Construction

Benefits of USDA Loans

  • 100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
  • You can refinance your home up to 100% of the value of your home.
  • Low Fixed Rate Mortgage Options.
  • They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  • They can be used for Existing Homes, Foreclosures or New Construction.
  • Simple Loan Process.
  • No Loan Limit. No Acreage Limit.
  • There is No Prepayment Penalty.
  • You can use the loan to repair or add on to your home.
  • Flexible Credit Requirements.

Who is eligible for a USDA Loan?

Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.

Some common misconceptions of USDA Loans:

  • They are just for farmers - USDA Loans are not "just for farmers," millions of people from all walks of life already qualify.
  • FHA or Conventional Loans are better - USDA Loans often offer better terms than an FHA or conventional loans.
  • They aren't flexible - Actually, USDA Home Loans can be used to buy a new home or refinance to a lower rate.
  • Only certain people can qualify - Anyone who meets the income and credit guidelines can qualify for a USDA Home Loan.
  • They are only for rural areas - Actually, USDA Loans are available in many areas that most people would not consider rural. For example, many small communities just outside of metropolitan areas qualify as rural areas according to the US Department of Agriculture.
  • They are harder to get than FHA or Conventional Loans - This just isn't true.  In many cases USDA Loans are actually easier to get because the loans are guaranteed by the government.

Check to see if you qualify for a USDA Loan:

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Chuck Toland (NMLS# 225744)

Phone: 708-671-5400 | Fax: 775-890-6757

Pacor Mortgage Corp. (NMLS# 261297)
7300 College Drive, Suite 201
Palos Heights, Illinois 60463
Illinois License/Registration #: 031.0004447
Illinois Mortgage Licensee and Equal Housing Lender

2017 Pacor Mortgage Corp.

Loan inquiries and applications in states where I am not licensed will be referred to a Pacor Loan Officer who is licensed in the property state. Pacor Mortgage Corp. is located at 14930 S. Cicero, Oak Forest, IL 60452, Phone 773-881-7744 (NMLS #120945). Pacor Mortgage Corp. is an Illinois Residential Mortgage Licensee #MB.0000892 (IDFPR, 100 W. Randolph Street, 9th FL, Chicago, IL 60601, ph #888-473-4858). Pacor Mortgage Corp holds additional licenses in the following states: FL #MLD1075; IN #DFI13177; NJ #1123035, Licensed by the N.J. Department of Banking and Insurance (New Jersey Administrative Code §3:2-1.4(b)(6)); OH #MB.804151.000 dba US Lending Corporation; PA #43855; WI #120945BA; MI #FL0828, MI #SR1130.This is not an offer for an extension of credit. Any of the advertised products may be discontinued at any time. Information and pricing are subject to change at any time and without notice. Pacor Mortgage Corp. is not affiliated with your current lender, nor is it an agency or extension of the Federal Government, Fannie Mae, Freddie Mac or HUD.

 

Disclaimer updated January 2017 Equal Housing Lender