USDA Mortgages from one of the nation’s top USDA lenders.
USDA home loans are a government-guaranteed mortgage designed to help borrowers in rural areas purchase a home. These loans are backed by the US Department of Agriculture (USDA) and are available to eligible borrowers in Arkansas and the rest of the country who meet certain income and location requirements.
A primary benefit of USDA home loans is that they offer no down payment, which means eligible borrowers can purchase a home without having to save up a large sum of money for a down payment. This can be especially helpful for first-time homebuyers or those with limited savings. Additionally, USDA loans typically have more flexible credit requirements than conventional mortgages, making it easier for borrowers with less-than-perfect credit to qualify.
USDA home loans from Stone Bank also offer competitive interest rates and reduced mortgage insurance premiums, which can help borrowers save money over the life of the loan. Additionally, USDA loans may offer additional benefits such as reduced closing costs and no prepayment penalties.
To qualify for a USDA home loan, borrowers must meet certain eligibility requirements, including income and location restrictions. Borrowers must have a stable income and meet certain income limits based on the area where the property is located. Additionally, the property must be located in an eligible rural area, as determined by the USDA.
A USDA home loan from Stone Bank Home Loans is a valuable resource if you’re looking to purchase a home in a rural area, especially in Arkansas. With no down payment, flexible credit requirements, competitive interest rates, and reduced mortgage insurance premiums, a USDA mortgage can make homeownership more accessible and affordable for those who may not qualify for a conventional mortgage.
Borrowers with credit score of 580 or higher may qualify for 3.5% down payment. Credit score between 500 and 579 can be eligible for 10% down. The home must serve as the borrower’s primary residence. Max loan amounts available on HUD website and vary by county. Mortgage insurance premiums (MIP) apply. Available for first time home buyers. Closing costs and fees may apply. Appraisal and inspection required. This is not a commitment to lend. Credit and collateral are subject to approval. Terms and conditions are subject to change and are subject to applicants qualification.
Stone Bank is a VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. VA loans are subject to VA loan limits and eligibility requirements”. All loans are subject to credit and property approval. Rates, terms, and program guidelines are subject to change without notice. Not all consumers will qualify. The VA funding fee may apply and may be financed into the loan amount. VA loans are available for primary residences only and are not intended for investment properties. The term “VA loan” refers to the VA home loan benefit program administered by the U.S. Dept of Veterans Affairs, not a government-issued loan from the private entity. Information on this site is for educational purposes only and should not be considered legal, financial, or tax advice. Official VA resources are available at va.gov. Any questions about VA home loan eligibility, call the VA Loan Service at 877-827-3702.
Stone Bank is not acting on behalf of the USDA, HUD, or the federal government. Not endorsed by or affiliated with USDA. USDA Home loans are subject to income limitations and the property must be located in an eligible rural area. All loans are subject to credit and property approval. Programs, rates, fees, closing costs, terms, and conditions are subject to change without notice. Not all applicants will be approved. USDA Home loans are for primary residences only; investment properties or secondary homes are ineligible. Household income cannot exceed specific limits based on the area’s median income. Upfront and annual guarantee fees may apply. Questions regarding loan officer licensing may visit NMLS at nationwidelicensingsystem.org.