Purchasing your first home is an exciting step in any person's life.  For some, the process may also seem very intimidating. That's why our USDA loan specialists are here to help guide homebuyers and answer any questions you may have.  Please don't hesitate to give us a call at 918-495-3773 if you would prefer to talk in person.

There are many financing options available for homebuyers out there, each with their own unique advantages.  Many first time home buyers prefer the USDA home loan program for its unique benefits over traditional loans.

Advantages of a USDA Home Loan:

No Down Payment Necessary.

Homebuyers will usually need at least a 5 percent down payment for conventional loans or a 3.5 percent down payment for FHA financing. On a $150,000 loan, that's $7,500 for conventional borrowers and $5,250for FHA. For many first-time homebuyers, coming up with that kind of cash up can be challenging. Being able to purchase with $0 down means USDA Rural Development borrowers don't have to spend years saving to scrape together a big down payment.

Less Stringent Qualifications.

Many first-time homebuyers might not yet have a strong credit history, which can make it more difficult to get approval for a mortgage or qualify for an affordable interest rate. Since the USDA Rural Development Loan is government-backed, USDA Rural Development are easier to qualify for at competitive rates.

Lower Monthly Payments.

USDA Rural Development Loans have reduced  monthly mortgage insurance (PMI) compared to many other traditional loan programs. This will leave more money in your pocket each month.  In addition, the competitive USDA Rural Development  Loan rates can save a typical buyer thousands over the lifespan of the loan.

Getting Pre-Approved

The first step toward securing your loan is getting pre-approved.  This involves a pre-qualification process, where a loan officer assesses a homebuyer's financial situation and determines what they qualify for, and is followed by the homebuyer submitting a completed loan application to the lender for approval. You may either call us directly at 918-495-3773, r you can fill out our inquiry form online.

How Much Home Can I Afford?

Usually, the first question a new homebuyers will ask themselves is, "What can I afford?" There are many factors that determine what a reasonable mortgage payment should be for an individual, including annual income, existing debt payments, down payment (if any), as well as additional costs like homeowners insurance and housing association fees. We help USDA Rural Development homebuyers find a monthly payment that's comfortable for them.