If you’re looking for a USDA home loan, we’re here to help!
Gulf Coast Bank Home Loans offers competitive interest rates on USDA mortgage loans in areas we serve, where USDA financing is available, including areas around metro New Orleans & Baton Rouge as well as Tennessee, Florida & Texas.
USDA home loans were created by the U.S. Department of Agriculture to encourage home ownership in rural areas. In fact, you might be surprised to learn how much of the Gulf South is considered “rural” by the standards of this important lending option!
USDA loans are sometimes referred to as “RD” (Rural Development) since they are designed for properties in rural areas.
A big draw of the USDA program is the 0% down payment option. This is the only zero down payment loan program available for borrowers who have not served in the military.
The USDA offers flexible terms for fixed rate mortgages only. Adjustable rate mortgages (ARMs) are not available with the USDA loan program.
Is the property eligible?
Are you eligible?
If you have any question about the eligibility requirements for you or your property, find a mortgage loan officer near you to request a free consultation today .
Determining USDA eligibility can be a difficult process, so we recommend letting one of our expert mortgage loan officers guide you through the process.
1. Schedule a phone call or meeting with one of our mortgage loan officers who will review your income & credit as part of our prequalification application process
2. Once we have reviewed your information and it is determined that you meet USDA mortgage loan requirements, you will receive a pre-qualification with your maximum home purchase price.
3. You will also receive USDA home loan scenarios with information on estimated monthly mortgage payments and cash required at the closing of your home loan. If you need assistance with closing costs from the seller, this is a good time to discuss those options with your real estate agent.
It is possible to refinance your home with the USDA. However, it is important to note that only a current USDA loan may be refinanced to a new USDA loan.
Also, please note that at this time, cash-out refinances are not available through USDA.
If you are seeking a cash-out refinance, please contact a mortgage loan officer at a branch near you to discuss other lending options which may be available.
If you are ready to get started, apply today!