Jefferson Bank offers USDA mortgage loans, which are backed by the U.S. Department of Agriculture, with up to 100% financing. USDA loans help make purchasing a home more affordable for those with low to moderate income living in qualifying rural areas.
USDA Loan Features & Requirements:
- No down payment required
- Low interest rates, 30 year fixed rate only
- Closing costs can be rolled into the loan up to appraised value
- No prepayment penalty
- No acreage limitations
- Can be used by first-time and repeat home buyers
- Seller is allowed to pay closing cost up to 6% of sales price
Borrowers must meet income requirements, and the property must be located in an eligible rural area.