Your Path to Homeownership
At 1st National Bank, we understand the importance of homeownership in building strong, vibrant communities. That’s why we’re proud to offer USDA mortgage loans, a government-backed home loan program that helps make homeownership possible in rural and suburban areas across the nation.
Why Choose a USDA Mortgage Loan?
- Zero down payment: USDA loans require no down payment, making it easier for you to purchase a home without the financial burden of saving for a large upfront payment.
- Competitive interest rates: USDA mortgage loans typically have lower interest rates compared to conventional loans, saving you money over the life of the loan.
- Flexible credit requirements: Our USDA mortgage loan program is designed to help those with less-than-perfect credit achieve homeownership. Even if you have a lower credit score, you may still qualify.
- Loan terms: Choose between 15- and 30-year fixed-rate loan terms to find the perfect fit for your budget and financial goals.
Eligibility Requirements for USDA Mortgage Loans
To qualify for a USDA mortgage loan, you must meet certain eligibility requirements. These include:
- Property must be located in a USDA-designated rural or suburban area
- Borrowers must have a stable and dependable income
- Credit score of at least 640 is preferred, but lower scores may be considered with additional underwriting
- Total household income must not exceed 115% of the area median income
How to Apply for a USDA Mortgage Loan at 1st National Bank
To apply for a USDA mortgage loan at 1st National Bank, follow these simple steps:
- Gather your financial documents, including your W-2 forms, pay stubs, and tax returns for the past two years.
- Complete our online loan application or schedule an appointment with one of our experienced loan officers to discuss your options and get pre-approved.
- Select the property you want to purchase and work with your real estate agent to negotiate the terms of the sale.