Buying a home has long been the American dream. And the USDA has been helping low- and moderate-income Americans buy homes in rural areas for decades. Now a loan program is helping Americans realize another dream: building their dream home.
USDA construction loan
We’re proud to announce the launch of www.USDAConstructionLoans.org. This new website is dedicated 100 percent to funding USDA-backed construction loans. These loans are designed for low- and moderate-income Americans to build or remodel their homes in rural areas. Similar to VA home loans, USDA construction loans require no money down.
These all-in-one loans will cover the purchase of the land, architectural design and construction of your new home. Once the construction is complete, a USDA construction loan converts into a standard 30-year, fixed-rate mortgage.
Highlights of USDA construction loans
There are several benefits to using a USDA-backed loan to build or remodel your home. For starters, many lenders won’t lend to people in rural America as these loans are seen are being riskier. Here are just a few highlights of USDA loans:
- 0% Down on the USDA Construction loan
- No payments required during the construction process
- Loan rolls over after construction is complete, no new application required
- One loan closing so it reduces costs
- Both 15-year and 30-year loan options available
- Mobile and manufactured homes allowed
Are you eligible for a USDA loan?
The USDA Program is an excellent program however there are some limitations. There are Income limits depending on the County the property is located in. So it’s best to check upfront to make sure everything qualifies.
Income Eligibility: Click Here
Income Limits: Click Here
Property Eligibility: Click Here
Mortgages for America is one of the few lenders who provide USDA construction loans. Our loan officers fully understand the construction loan process and are here to help make your dream a reality. For more information on a USDA construction loan, call us today at 888-320-7888 or email Info@MortgagesforAmerica.org