USDA Mortgage
Your Path to Homeownership
Why Choose a USDA Mortgage Loan?
- Zero down payment: USDA loans require no down payment, making it easier for you to purchase a home without the financial burden of saving for a large upfront payment.
- Competitive interest rates: USDA mortgage loans typically have lower interest rates compared to conventional loans, saving you money over the life of the loan.
- Flexible credit requirements: Our USDA mortgage loan program is designed to help those with less-than-perfect credit achieve homeownership. Even if you have a lower credit score, you may still qualify.
- Loan terms: Choose between 15- and 30-year fixed-rate loan terms to find the perfect fit for your budget and financial goals.
Eligibility Requirements for USDA Mortgage Loans
To qualify for a USDA mortgage loan, you must meet certain eligibility requirements. These include:
- Property must be located in a USDA-designated rural or suburban area
- Borrowers must have a stable and dependable income
- Credit score of at least 640 is preferred, but lower scores may be considered with additional underwriting
- Total household income must not exceed 115% of the area median income
How to Apply for a USDA Mortgage Loan at 1st National Bank
To apply for a USDA mortgage loan at 1st National Bank, follow these simple steps:
- Gather your financial documents, including your W-2 forms, pay stubs, and tax returns for the past two years.
- Complete our online loan application or schedule an appointment with one of our experienced loan officers to discuss your options and get pre-approved.
- Select the property you want to purchase and work with your real estate agent to negotiate the terms of the sale.
Still have questions? Have us contact you.
Try our free Mortgage Calculators
See how much house you can afford!
Adjustable Rate MortgageThis calculator helps you to determine what your adjustable mortgage payments will be. | ARM vs. Fixed RateUse this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM. | Bi-Weekly PaymentsUsing bi-weekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this calculator to compare a typical monthly payment schedule to an accelerated bi-weekly payment. | Maximum MortgageUse this calculator to determine your maximum mortgage and how different interest rates affect your how much you can borrow. |
Mortgage APRUse this calculator to find the APR on your mortgage. | 15 vs. 30 YearUse this calculator to compare these two mortgage terms, and let us help you decide which term is better for you. | Early PayoffUse this calculator to determine your monthly payment and amortization schedule. | Mortgage PointsSave thousands of dollars in interest by increasing your monthly mortgage payment. |
Mortgage QualifierCan you buy your dream home? Find out just how much you can afford. | Refinance BreakdownShould you refinance your mortgage? Use this calculator to determine when you will breakeven. | Refinance Interest SavingsUse this calculator to see how much interest you can save by refinancing your mortgage! | Rent vs. BuyAre you better off buying your home, or should you continue to rent? |
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
