A fantastic option for purchasing a home in Tulsa’s suburbs or surrounding rural areas. These government-backed loans offer incredible advantages.
What is a USDA loan?
A USDA Guaranteed Rural Housing Loan is a fixed-rate mortgage backed by the U.S. Department of Agriculture. These loans were long thought of as just for farmers, but the program has been expanded in recent years to help families purchase homes in rural and suburban areas.
No down payment is required, which sets these loans apart from more traditional home loans. Plus, the credit score requirements are more flexible than with other loan programs.
What are the benefits of a USDA loan?
USDA loans offer several unique benefits that set them apart from standard home loans. One of the biggest benefits is that they don’t require any money down, so you can finance up to 100% of the home’s total purchase price.
In addition, there are other benefits, like:
Better terms than an FHA or conventional loan
Credit score as low as 580 may still qualify
Zero Down Payment: Move into your Tulsa home sooner without draining your savings. Flexible Credit: Qualify even with less-than-perfect credit scores. Competitive Rates: Secure a great interest rate on your Tulsa mortgage.
Who are USDA loans for?
Like we said, USDA loans aren’t just for farmers! The eligibility guidelines are pretty specific – but don’t let that stop you from achieving your homeownership goals. An experienced USDA mortgage professional at Waterstone Mortgage will help you navigate through the USDA loan process and determine if it’s a good fit.
The property must be owner-occupied; investment or vacation properties are not eligible for USDA loans.
You must meet the income restrictions for the county the property is located in. Each county has a maximum income limit defined by the USDA. This maximum income limit depends on the cost of living, median income, and other economic characteristics of the county the property is located in.
More USDA Loan Benefits
USDA-Defined Rural Areas: Many Tulsa suburbs and nearby towns qualify. Income Limits: Guidelines exist, but our OMG experts will help you determine if you’re eligible.
Is a Tulsa USDA Loan Right for You?
If you dream of owning a home in the Tulsa area, a USDA loan could be your path to success. OMG guides you through the process, ensuring a smooth experience.
