USDA Loans

USDA Loans

As any mortgage company can tell you, zero-down mortgages are rare, but buying a home with no money down is possible with USDA loans in Waxahachie. Insured by the U.S. Department of Agriculture, these mortgages feature below-market rates and favorable terms.

For USDA financing, the property must be in a rural area – but regions outside of major cities with no more than 35,000 are considered rural by the USDA. Waxahachie may not fit that description, but plenty of homes in Ellis County and north central Texas are in eligible locations, so would-be homebuyers aren’t lacking in options.

USDA loan eligibility is also based on the borrower, and an income on the lower side isn’t a barrier – it’s more of a requirement. While the loan program was created to encourage economic activity in underdeveloped parts of the country, USDA mortgages are meant for those who are financially disadvantaged. As such, anyone who makes more than 115 percent of the regional average isn’t eligible.

That being said, many repeat and first-time homebuyers from the Waxahachie area have taken advantage of USDA loans. The opportunity to finance 100 percent of the purchase price of a home – and not having to save up for a down payment – is enticing. Add in the reduced mortgage insurance costs and flexible credit score requirements, and it’s plain to see why so many people opt for USDA home financing.

A zero-down USDA loan could be your ideal mortgage solution, and at PRMI, a USDA-participating mortgage lender in Waxahachie, Texas, we make it easy to find a home loan that works for you. To explore your borrowing options, contact one of our Waxahachie mortgage loan lenders today!