USDA Home Loans in Texas
What is a USDA Mortgage Loan?
USDA loans offer zero down payment for qualified applicants. A USDA Mortgage Loan
can only be used in designated rural areas and towns, but their definition of rural may
be more flexible than you think.
Texas is a natural paradise for nature lovers. If you are looking at a home or property in
the country or just outside of the city, you can get a great rate with a USDA Loan.
For those wanting to live in rural areas, USDA loans offer compelling advantages:
competitive interest rates with 100% financing, no down payment requirement, and no
prepayment penalties. These loans come with fixed interest rates only, as adjustable-
rate mortgages (ARMs) are not available through the USDA program.
Borrowers should note that USDA mortgage loans require private mortgage insurance
as part of the loan terms.
Do you have questions about USDA loans? Contact Eagle Home Loans today.
USDA Loan Characteristics
Typical Requirements
To qualify for a USDA loan, you typically need:
- A credit score of at least 620
- USDA loans do not require a down payment; however, USDA loans are restricted to rural areas (let’s discuss how flexible “rural” is)
- A debt-to-income ratio below 45%
- Stable employment and/or income
Do you have questions about a USDA loan? Contact Eagle Home Loans today.
For Tyler or any Texas resident who wants to purchase their dream home, a USDA loan could be the right choice whether you're a first-time homebuyer or a buyer with a few credit hiccups. Eagle Home Loans can help you explore the qualification requirements and application process for securing a USDA mortgage in Tyler, Texas or anywhere in Texas.
Eagle Home Loans Commitment
“Our priority is to provide personal service for loans that are the best fit for our clients, through a lending process that offers clarity and ease of use.”
Our goal is achieved through relationship building, conversations with our clients, understanding their needs and desires, future plans, and clearly explaining the lending process. All questions will be answered for full understanding—even those you may think are silly.
In an effort to respect our clients’ time, Eagle Home Loans offers multiple methods of electronic communication including email, electronic signature, fax, online portals, and text messaging while efficiently executing the lending process and closing on time. Of course, we still value the “old-fashioned” phone call and in-person meetings.