USDA Loans

What are USDA Loans?

USDA Loans

A USDA Rural Housing Loan is a government insured loan that allows for 100 percent financing. There is no down payment required and also provides the capability of including your closing costs into the loan along with your pre-paids (Taxes & Insurance) in your loan subject to the limits of the appraised value.

A Rural Housing Loan is a great option for the First Time Homebuyer or even a seasoned buyer!

Features of a USDA Loan

• 100% financing available.

• No down payment required.

• Low interest rates.

• Flexible credit guidelines.

• Property must be in an eligible location.

Call us today to see what option is best for you!

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    USDA Loans – JTS & Co.

    When you think about mortgage loans, you may not be aware of all the different types of loans that are available. Our customers want loans for many different reasons, and we are happy to help. Whether you are looking for a refinance, a conventional loan, a loan from the FHA or VA, or USDA loans, talk with JTS & Co. today.

    The United States Department of Agriculture (USDA) Rural Development creates opportunities for those living in rural states like Mississippi and Alabama. If you are a family living in a rural area of the state, the USDA guarantees home loans made by local lenders like JTS & Co. With USDA loans, we can offer financial assistance directly to borrowers.

    What to Know About USDA Loans

    There are two distinct housing assistance programs available through the USDA.

    • USDA Single Family Housing Guaranteed Loan Program: This type of loan was created to make homeownership easier on low and moderate-income families. USDA loans that fall under this category are offered by approved lenders and are insured by the USDA.
    • USDA Single Family Housing Direct Home Loans: These specifically created for low and very low-income households. They are offered directly by the USDA in the form of a subsidy.

    Why a USDA Loan?

    There are many reasons why you should consider a USDA loan. These include:

    • No down payment required
    • You can use a gift or a grant for a down payment if necessary
    • USDA land loans can be used for renovation or home repair
    • Very low interest rates
    • Closing costs can be financed
    • Everyone can become a homeowner

    USDA Rural Development Single Family Housing Guaranteed Loan Program

    If you are interested in applying for this type of loan, it will give you the ability to purchase a property for no money down, and with low interest rates. To be eligible for the USDA Guaranteed Loan Program, you need to meet a few requirements.

    • All household income must be less than or equal to 115 percent of the median income of the area.
    • The home must be in an eligible Rural Development area.
    • The home must be used as the primary residence of the borrower.
    • Borrowers must have an acceptable credit history.
    • Borrowers must be able to afford the monthly mortgage payments, taxes, and mortgage insurance.

    USDA Rural Development Single Family Housing Direct Home Loans

    This type of loan is offered to families with low to very-low income. The USDA Direct Loan program is often referred to as the Section 502 Direct Loan Program. A Direct Loan is designed to help families find safe and sanitary housing. There are a few requirements to meet, such as:

    • Applicants must be without safe and sanitary housing
    • The home must be the borrower's primary residence
    • The home must be within an eligible Rural Development area.
    • Applicants must be unable to obtain a loan from other sources
    • Applicants must meet specific income requirements.
    • The home cannot exceed 2,000 square feet, and not have a market value in excess of the applicable area loans
    • There cannot be an in-ground pool.

    It may sound intimidating at first, but our USDA home loan experts will walk you through every aspect of what to expect from a USDA loan. Our rates are low, and our loan process is quick, with no worries.

    When you require a USDA construction loan for renovation or repair purposes, let our loan lenders guide you to what is right for you. Our USDA loans process will not take up much of your time, as we do all of the heavy lifting. Complete our Loan Qualifier, receive options based on your unique circumstances, compare mortgage interest rates and terms, then choose the offer that suits you and your family best.

    Find a Home for You and Your Family with the Help of JTS & Co.

    Of course, when you apply for any type of mortgage loan, you want a team of knowledgeable experts on your side who know the ins and outs of the entire loan process. That is where JTS & Co. comes into play. We will match you with the mortgage that makes the most sense for you. Best of all, we will secure you a lowest interest rate, and get you a quick closing date.

    Our superior customer service is like none other. That is because we have been providing Mississippi and Alabama residents with our top-rated mortgage services since 1996. We recognize how important it is for anyone looking for a mortgage loan to have options.

    At JTS & Co., our streamlined mortgage loan process will have you saving time and money. For any type of loan, including USDA loans, contact our mortgage team today.

    The JTS & Co. Mortgage Payment Calculator factors in your fees to give you a more precise payment estimate.