USDA Loan is a mortgage guaranteed by the United States Department of Agriculture. So what does buying a home have to do with cows, pigs and sheep? USDA has determined that rural communities where the residents own their homes thrive more other similar rural communities. Big Island Mortgages delivers a USDA Loans to qualified families based upon family size, income restrictions, debt ratio and property eligibility.
Here's a link to USDA so you can learn more. As a loan originator I always begin with USDA as a first option because it allows you to finance the entire purchase amount. Important to remember you will have to pay for an inspection and appraisal upfront, plus taxes, insurance and title at closing, so if you're serious about buying your first home save your money so you have funds needed for a USDA Loan.
I am the first person in my family to ever even begin THINKING about buying a home of my own. I'd heard of USDA for my school's land purchase and started thinking...maybe they have something for me?! Guess what? The USDA Loan makes it so that I don't have to make a down payment! NO DOWN PAYMENT! I do have to pay for my appraisal and my inspection. But when I sign my new USDA Loan it is for the full amount of my purchase, a small USDA funding fee that is built in plus some taxes and insurance that everyone has to pay. I learned later that the USDA Loan has some limits, but if you fit in, just like I did, it is a great way to buy your first home.
Big Island Mortgages by Doug Mallardi
(808) 333-4341 doug@bigislandmortgages.com
Start an online loan application, click here.
Schedule an appointment, click here.
Get A New Mortgage. Get A Better Mortgage. Home loans for all Hawaiian islands.
