USDA loans are an outstanding mortgage program for many Richmond home buyers. For homes located in eligible areas, this program offers a number of advantages for qualified borrowers.
USDA loans are backed by the U.S. Department of Agriculture (USDA), based on the goal of improving the economic status of rural areas near Richmond. USDA loans are available to borrowers with lower credit scores, making them achievable for many people who otherwise might not qualify for a mortgage. These loans allow buyers to borrow up to 100% of the price of their home and require no down payment. Typically, these loans also carry very favorable interest rates and terms.
In addition to home purchases, we also have programs available for USDA refinance loans, depending on your needs.
To get a USDA loan, you will need to work with a mortgage company. In Richmond, PRMI is one of the leading USDA mortgage loan lenders. We take the time to get to know you, so we can understand your goals and needs. Armed with this information, we search through all the available home loan programs to find the one that fits you best.
A friendly and knowledgeable Richmond mortgage lender from PRMI can assist you with a USDA mortgage, or help you determine which local areas fall into the eligibility criteria for this program. Contact us now to learn more about our company or to speak directly with one of our helpful team members.