Brian Nowakowski

NMLS# 476361

Renovation Lending Manager

USDA Home Loans

What is a USDA Home Loan?

Academy Mortgage’s USDA Home Loan Program provides 102% financing (the purchase price and guarantee fee) for low- to moderate-income homebuyers wanting to buy a home in a rural development area. USDA Home Loans are affordable and backed by the federal government. Qualified program participants must purchase a home in an eligible rural area, as defined by the U.S. Department of Agriculture, and have a household income that does not exceed the established limits where the home is located.

What are the benefits of a USDA Home Loan?

USDA Home Loans offer the following features:

  • 100% financing on a fixed 30-year loan, based on the appraised value of the home.
  • 2% guarantee fee may be included in financing.
  • No down payment required.
  • Competitive interest rates.
  • Lender fees and closing costs (including prepaid funds) may be contributed by the seller or may be eligible to include in the loan, depending on the appraised value.
  • Gifts or grants permitted from family, friends, and non-profit agencies.
  • No post-closing reserves or minimum investment required.

Who may benefit from a USDA Home Loan?

Both first-time and experienced homebuyers may take advantage of a USDA Home Loan, provided they meet the following qualifications:

  • Income limits cannot exceed the USDA’s Rural Development Single Family Housing Guaranteed Loan Program income limits for the area.
  • Must have a minimum credit score of 640 (660 if have a prior short sale) and debt-to-income ratio of 41%.
  • Credit history with no more than one “30-day late” payment in past 12 months and no major credit problems in previous 36 months.
  • Eligible properties include existing single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.

For more information

Contact your Loan Officer today to see if a USDA Home Loan is the right solution for you. We take pride in delivering value and savings to homebuyers in our country’s rural populations. It would be a pleasure to help. Visit the USDA Rural Development website for additional information.

NMLS# 476361

State Lic: MD: 20683; DE: MLO-476361; VA: MLO-23281VA; PA: 43017; DC: MLO476361; WV: LO-33963; MI: 476361; MA: MLO476361; ME: 476361; NH: 476361 ; NJ: 476361; IN: 37347;

Corp Lic: MD: 12423; DE: 010825; VA: MC-5196; PA: 22177; DC: MLB3113; WV: MB-31803 and MB-31804; MI: FR0018875; MA: ML3113; ME: SLM10136; NH: 14276-MB; NJ: 3113; IN: 10966;

www.nmlsconsumeraccess.org; Massachusetts Mortgage Lender License; Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance;