What is a USDA Loan?

  • The U.S. Department of Agriculture (USDA) provides a loan guarantee program for individuals looking to buy a home in a rural community.
  • Requires clients to fit federal income eligibility guidelines.

Who should consider a USDA loan?

  • Clients that fit the federal income eligibility guidelines.
  • Allowing little or no down payment.
  • Flexible credit guidelines
  • No (PMI) private mortgage insurance
  • Home repairs may be also included in the price of the loan.
  • Qualified borrowers may be eligible for a zero down purchase option
  • A maximum of 100% of the appraised value for the purchases + the Guarantee fee if being financed.
A USDA loan (also called a Rural Development Loan) is a home loan, insured by the government, which allows you to purchase a home with no money down. Fortunately, you can obtain USDA rural home loans with the help of myGreatLoan.

The Bank of England and myGreatLoan offer USDA mortgages with 100% financing to qualified buyers. This program allows all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and the interest rate will always be fixed.

In order to qualify for a USDA home loan your home must be located in a designated USDA rural area. It is myGreatLoan’s goal, along with the USDA, to offer these USDA mortgage loans to help our nation’s smaller, rural communities thrive by making land and property more affordable.

Our reliable mortgage bankers can help you begin with the loan process. Using only the highest-standard tools and resources, trust us to help you purchase your rural home without a hitch. Speak to a member of our team of mortgage professionals now to learn more about our USDA no down payment mortgage plans.

Let’s get started today!

              Contact us at 1-800-249-0080
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DISCLAIMER

Bank of England Mortgage Division has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage Division may change the products, services, and any other information described on this site at any time.

The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage Division at (248) 504-5114.

This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states.  ENG Lending and Bank of England are not affiliated with any government agency.

Bank of England Mortgage Division is a division of Bank of England. NMLS 418481. Member FDIC.