Rural Development Home Loans
Home ownership in a rural community just got easier.
The USDA Rural Development Single Family Housing Guaranteed Loan Program - or USDA Home Loan - is one of the options available for rural buyers in an eligible area. USDA Loans come with significant benefits that provide eligible home buyers the opportunity to achieve loan terms that no other program can offer.
With a Banner Bank home loan, you'll get:
Program benefits include:
No down payment required.
Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage.
Flexible credit guidelines.
A credit history report is still required, but potential homeowners with spotty or bad credit can still qualify for a home loan
Competitive Fixed Interest Rates.
With the guarantee of the U.S. government, a lender can offer competitive interest rates to qualified individuals and families.
No Maximum Purchase Price.
The USDA Rural Development program has no maximum purchase price limit. However, a lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay.
Purchase or refinance (on eligible loans).
Eligible applicants may buy or refinance their property and on qualified properties include funds to improve or rehabilitate the home.