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USDA Loans

Geneva Financial now offers in-house USDA loans, allowing for superior customer service, and quicker turn times.

What are USDA Loans?

USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. USDA homes offer lending to properties residing in a rural area.Harvesting Crops graphic

Benefits:

  • No down payment required
  • Available for purchase or refinance*
  • Gift funds allowed
  • Eligible closing costs may be financed**
  • Up to 6% seller-paid closing costs
  • Flexible qualifying criteria *

*must be supported by appraisal value

Who are USDA loans for?

USDA Rural Housing loans are available to qualified low-to-moderate income homebuyers purchasing a home in a designated rural area.

What are the requirements for USDA Loans?

  • U.S. citizenship or permanent residency
  • Ability to prove creditworthiness, typically with a credit score of at least 600
  • Stable and dependable income
  • A willingness to repay the mortgage – generally 12 months of no late payments or collections
  • Adjusted household income is equal to or less than 115% of the area median income
  • Property serves as the primary residence and is located in a qualified rural area
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