No Down Payment USDA Mortgage Program Makes Texas Homes More Accessible

One of the biggest challenges many Texas first-time home buyers or step up buyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of "no-money-down programs" evaporating in the credit crisis, one national no-down payment program still remains: USDA Rural Development home loans.  The majority of Texas communities qualify for this program which could save home owners a considerable amount of money when compared to a FHA or conventional mortgages.

The Richard Woodward Mortgage Team has over a decade of experience in helping home owners purchase with USDA loans.  Credit guidelines are very flexible for the program.  We will make your dream of home ownership come true.  Call us today for far better customer service than your bank and we will share with you all the information you will need.

By coming to us rather than directly to USDA, we can provide faster service and more flexibility to meet your needs.

Offered by the USDA (United States Department of Agriculture), this program might make you think that you have to buy farmland or live "in the country" to qualify, but this is often not the case. In fact, you might be surprised to see just how many neighborhoods actually do qualify as rural development areas. For this program, the term "rural" really applies to those areas with a lower population or fewer homes, not necessarily those areas and neighborhoods far outside of the bigger cities.

There are several benefits of the USDA loan program besides no money down. Although the program requires private mortgage insurance it is often at a much lower rate than most other loan programs, and the seller is allowed to pay all of your closing costs and pre-paid items up to 6.00% of the total sales price of the property. And while this is great news for first-time home buyers, it's important to note that you don't have to be a first-timer to qualify for a USDA loan.

NEWS FLASH!  Effective October 1st, 2016 USDA loans will receive a new lower upfront fee of 1% of the loan amount. The annual fee will change to 0.35% of the average scheduled unpaid principal balance of the life of the loan.


Other than the location of the property you're seeking to buy, there is one other limitation to this valuable program that you must consider: your income. The income limits change from time to time to allow more potential buyers to take advantage of this special program.

To find out more about USDA loans, give us a call toll free  (888) 419-0706.  We can have an answer as to whether you qualify for this program in just a few minutes. Click here to apply now!

Are you Veteran?  Click here to find out an even better NO Money Down mortgage- VA Home Loans.

Service First Mortgage is a direct mortgage lender serving all of Texas. This Mckinney, Texas Branch services all of Texas but is local to the DFW, Mckinney, Frisco, Allen, McKinney, Carrollton, The Colony, Melissa, Prosper, Fairview, Denton, Lewisville, South Lake, Coppell, Rowlett, Rockwall, Mesquite, Richardson and Garland.

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