Conventional Loan Program Q&A
Conventional Loan Program St. Louis, MO – January 17th, 2023 –[...]
St. Louis, MO – October 20th, 2021 – Gershman Mortgage, a leader in the mortgage Industry, offers a variety of loan programs that fit the need of anyone looking to purchase a home, one of which being the USDA home loan program. This program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners. Gershman’s USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. Income limits to qualify for a home loan guarantee vary by location and depend on household size. USDA guaranteed home loans can fund only owner – occupied primary residences.
Are you thinking of applying for a USDA loan? Here are some of the most common questions regarding the USDA loan program:
Q: What does your credit score need to be to qualify?
A: The minimum credit score needed for a USDA loan is 600.
Q: What is the percentage of financing?
A: Gershman Mortgage offers 100% financing and 0% down payment. New and existing homes may be eligible, along with condos.
Q: What do closing costs look like for this type of loan program?
A: The USDA loan program is available for purchases and refinances, and sellers can contribute up to 6% of the sales price towards closing costs, which can also be financed. There is no maximum purchase price.
Q: How do I find out if my property is eligible?
A: To find out if your property or the property you’re interested in purchasing is eligible, visit the USDA property eligibility map here, or contact one of our qualified loan officers.
Do you think the USDA Loan program is a good fit for you? Contact a Gershman Mortgage Loan Officer today!
About Gershman: Communities, families, and homes are at the heart of what we do at Gershman Mortgage. Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first. We are passionate and committed to customer service and strive to ensure that we exceed the expectations of our customers. We are a customer-centric company devoted to creating and maintaining long-lasting relationships.
NMLS #138063 16253 Swingley Ridge Road Suite 400 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender.