USDA Loans with Mutual of Omaha Mortgage

If you live in a rural area, and have low-to-moderate income, a USDA loan may be the proper loan for you.

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USDA Loans by Mutual of Omaha Mortgage

Our team of USDA Loan Specialists work hard to help you achieve your goals of home ownership – regardless of financial circumstance or location. Backed by the Department of Agriculture, USDA loans are federally insured and can be compounded with USDA-sponsored grants. These loans have several unique qualifications that set them apart from other traditional lending products and government-backed home loans.

Advantages of USDA Loans

If your income does not qualify you for a traditional or other government-issued loan program, like the FHA or VA loan, then a USDA loan can be used to purchase a home.

If the home you live in requires critical maintenance to satisfy local safety conditions, USDA loans can be used to renovate a deteriorated home. The program is also designed to assist the elderly and those with physical or mental limitations secure home owner assistance.

Call 1-800-24-RATES to speak to a USDA Specialist at Mutual of Omaha Mortgage today

USDA Loans Vs Other Loan Options

While the USDA loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including Mutual of Omaha Mortgage, finance the loan while the US government offers an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default. See how a USDA loan stacks up to other loan types.

What are the differences for a loan?

USDA	Conventional
Who Qualifies
Both VA and non-VA eligible applicants who exceed maximum USDA and FHA lending requirements with moderate-to-high income, moderate-to-high credit and strong employment history.	Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.
How to Qualify
Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification	Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification
Benefits
Favorable Interest Rates Affordable Costs Avoid P.M.I. with 20% down or more Flexible refinance options available	Low Interest Low Costs No Minimum Down Payment Manageable property maintenance requirements Demonstrate need
Available Housing
Property subject to independent appraisal. Must meet Mutual of Omaha and loan qualifications. Can exceed county loan limits if necessary.	Property subject to safety guidelines. Must fall at or beneath median income line in prospective county of residence. Typically reserved for rural properties.

USDA	FHA
Who Qualifies
Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.	Any applicant who meets the minimum credit, income and employment requirements from the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).
How to Qualify
Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification	Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification
Benefits
Low Interest Low Costs No Minimum Down Payment Must maintain property Must demonstrate need	Low Interest Low Costs 3.5% Minimum Down Payment Friendly to first-time buyers
Available Housing
Property subject to safety guidelines. Must fall at or beneath median income line in prospective county of residence. Typically reserved for rural properties.	A property is subject to independent appraisal. Must meet or exceed FHA housing requirements. Cannot exceed county loan limits.

USDA	VA Loan
Who Qualifies
Applicants in rural areas who fall beneath the median income line of their respective county, and/or require a mortgage to renovate their home or live with a qualifying physical or mental limitation.	U.S. Military Veterans or Active-Duty service members, with qualifying service records, and qualified spouses as determined by the Department of Veterans Affairs (VA).
How to Qualify
Contact a Mutual of Omaha Mortgage Banker or fill out this form to get your pre-qualification	Apply for a COE on your own, or ask Mutual of Omaha Mortgage to help with the process
Benefits
Low Interest Low Costs No Minimum Down Payment Must maintain property Must demonstrate need	Low Interest Low Costs No Minimum Down Payment Can be used forever Can be restored
Available Housing
Property subject to safety guidelines. Must fall at or beneath median income line in prospective county of residence. Typically reserved for rural properties.	Any property is subject to independent appraisal. Must meet or exceed VA housing requirements. Can exceed county loan limits.

Qualify for a USDA Loan

In addition to living in a rural area, an applicant must meet certain strict income guidelines. USDA Loans are intended to provide quality homes to individuals with very low-to-median incomes.

Your income rating will largely depend on where you decide to live.

Mutual of Omaha Mortgage will take the median income for the area you live in and gauge the information you provide us based on that public data.

USDA Loans may or may not require any down payment from qualified applicants.

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