Welcome to USDA New Mexico Home Loans
If you are one of those home buyers who does not have the minimum down payment requirement with Conventional and USDA financing, then a USDA home mortgage loan may be for you. USDA home mortgage loans are offered to help lower to moderate income households purchase homes in rural areas and in some cases on the outskirts of a city or in a medium sized town as determined by the United States Department of Agriculture (USDA) with NO DOWNPAYMENT requirement! USDA home mortgage loans offer many advantages to qualified borrowers looking to buy or refinance (no cash out) including:
- 100% financing
- No monthly mortgage insurance
- No asset requirements
- Gifts allowed for closing costs
- Required property improvements can be financed into the loan up to 102% of the “improved” value, which can be completed after closing.
Eligible USDA property types include single family homes and condominiums (primary residence only). USDA does have some income and property eligibility requirements. Please Contact us to find out these limits in your area of interest.
Even though a mortgage insurance premium is not required, USDA charges a 2% funding fee to guarantee the mortgage, which may be financed into the loan.
Here at USDA Loan New Mexico, we specialize in servicing first time home buyers. A USDA mortgage offers many advantages, as it is very popular with first time homeowners, so you should expect lower interest rates and NO DOWN PAYMENT in relation to a conventional residential home loan.
Exciting things are happening with USDA home financing – USDA is only 1 of only a few options left for true 100% financing and you’ll want to stay up-to-date with changes in loan limit increases, and USDA Mortgage news, so feel free to subscribe to our USDA blog below.
We make the process of purchasing a new home or refinancing your current mortgage simple and straight forward by offering you the latest in financial tools set forth by the best banks in our country. This will enable you to make the most accurate financial decision. Purchasing a home or refinancing your current mortgage should not be stressful. Please contact us for up to date rates and any other mortgage questions or apply now.
USDA Refinance Loans
USDA refinances are for rate and term refinance loans (no cash out allowed). The original loan must be a Guaranteed Rural Housing Loan. For more information, please contact us.
The United States Department of Agriculture offers several different USDA Home Loan Refinance Programs. We are here to provide you with a variety of options in order to accomplish your USDA refinance goals. If you are considering a USDA refinance of your current loan to lower your interest rate, or restructuring your payment and equity objectives, USDA Loan New Mexico.com can help you with your USDA Loan Refinance and present you the most viable and beneficial options in the marketplace. It is important to be aware of USDA current interest rates to ensure that you will be able accomplish your financial goals with a USDA mortgage refinance.
If you are having trouble meeting your monthly mortgage payments, a USDA mortgage refinance can help. Let us help you find the solution to your needs. More information on USDA Refinances.