USDA Mortgage Loan
A USDA mortgage is one that is insured by the Department of Agriculture. This is also another 100% financing program that has some amazing features. In fact, the USDA mortgage loan acts very much like a VA, in that there is an upfront lump “funding fee” that goes into the insurance pool and effectively insures the loan for the bank, but there is no monthly MI premium to pay.
There are some income restrictions for qualifying for the USDA mortgage, and they are based on median county incomes. If a borrower’s income exceeds these thresholds they will NOT qualify. Additionally there are location restrictions for this program. You can only qualify for a USDA mortgage to be placed on properties in specific “rural” tracts identified by the USDA.
In Portland, some of the USDA lending areas include Sherwood, Estacada, Boring, and other parts of Clackamas County.
Please fill out the online loan application to find out how the USDA mortgage program could work for you.
