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USDA Fixed Mortgage
Assistance getting the home you deserve.
Features
Are you struggling to qualify for a traditional mortgage loan despite having a steady income? The United States Department of Agriculture (USDA Rural Housing) loan, available at ECU, can help lower-income households obtain home loans at reasonable rates. This loan is designed to assist those who may not meet the requirements for a traditional mortgage loan.
- Finance 100% of the purchase price
- Seller may contribute up to 100% of closing costs
- Monetary gifts allowed for closing costs
- No prepayment penalty
*Household income cannot exceed income limitations and property must be in geographic location to qualify for USDA financing.
Learn More
Calculators
Purchasing or refinancing a home can be stressful, leaving you asking lots of questions! Should you buy or rent? Will refinancing save you money? How much will your monthly payment be? Check out our calculators designed to answer these questions and more!
Compare Mortgages
With so many choices, how do you know which loan is right for you? See the chart below to see the unique features of each. For additional information, please give us a call at 800.999.2328.
| Loan Type | Maximum Loan to Value | Term | Mortgage Insurance | Prepayment Penalty |
|---|---|---|---|---|
| Fixed & Adjustable Rate Mortgages | 97.00% | 15/20/30 year | Yes | No |
| Federal Housing Administration (FHA) | 96.50% | 15/30 year | Yes | No |
| USDA | 100.00% | 30 year | Yes | No |
| First Time Home Buyers Program | 105.00% | 30 year | No | No |
| ECU 100 Mortgage | 100.00% | 15/20/30 year | No | No |
| Veterans Administration (VA) | 100.00% | 30 Year | Yes | No |
| ECU Purchase Plus | 105.00% | 15/30 Year | No | No |
FAQs
A United States Department of Agriculture (USDA) loan provides low- and moderate-income households the opportunity to own adequate, modest, decent, safe, and sanitary dwellings as their primary residence in eligible rural areas.
To apply for a USDA loan, you must:
- Agree to personally occupy the dwelling as your primary residence
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien
- Have the legal capacity to incur the loan obligation
- Have not been suspended or debarred from participation in federal programs
- Demonstrate the willingness to meet credit obligations in a timely manner
- Purchase a property that meets all program criteria
All applicants must meet income eligibility. For information on eligibility within your area, please visit https://www.rd.usda.gov.
This means that the federal government insures a portion of each loan in the event the borrower defaults on their home loan. This backing, or guarantee, gives lenders more confidence in homebuyers and the ability to extend favorable rates and terms. All USDA Loans are guaranteed by the USDA government organization, not the FDA.
No. There are no restrictions that prevent homeowners from using the USDA Loan program.
The USDA loan program does not limit the amount a homeowner can borrow; however, most lenders conform to the loan limits set forth by Fannie Mae and Freddie Mac and will extend financing for up to $417,000.