FOR HOME BUYERS
USDA Loans
Designed for home purchases and refinances in eligible rural and suburban areas, USDA loans offer 100% financing with no down payment required. These loans offer flexible qualification guidelines, allowing borrowers to qualify with lower credit scores and higher debt-to-income ratios compared to conventional loans. Get competitive rates and flexible terms with low mortgage insurance costs.
A home loan that makes home more affordable.
We Cover 2% Of Your Down Payment
With your 1% that adds up to 3%, which means a smaller monthly mortgage payment for you.
30-Year Fixed Rate
Most popular because it has the lowest payment and an interest rate that doesn’t change.
Guidelines for this Loan
If your details are close to these guidelines, we encourage you to apply or contact us. Even if you don’t qualify for an adjustable-rate mortgage, we could have other options for you.
Income
Credit And Debt
Closing Costs
In addition to your down payment, you’ll need enough funds to cover closing costs.
Estimate and Explore
Calculators are a great way to learn and see what’s possible.
Down Payment Calculator
Learn how much cash you need to buy the home in your mind.
Comparing ONE+ by Rocket Mortgage
Everyone’s situation is different. What might be right for one person might not be right for you. Apply or contact us – it’s the best way to explore your unique options.
Get More In-Depth Details
Articles that give you more information about this loan and explain how mortgages work.
Frequently Asked Questions
Answers to questions about this loan we heard from people like you during research.
Am I eligible for a VA Loan?
VA loan eligibility is service-based. Some contributing factors taken into consideration include:
- Your service status, e.g., active duty, separation
- Your years of service, and
- Your service record
The VA provides detailed eligibility guidelines outlining who qualifies for veteran’s benefits. You may meet eligibility requirements if you are:
- A current active duty military service member,
- A military veteran, or
- The spouse (including surviving spouse) of a service member
Eligibility is proven through a Certificate of Eligibility (CoE) from the U.S. Department of Veterans Affairs. It’s not required to apply for a loan but will be needed before approval. We can help you apply for a CoE or you can apply for it directly through the VA’s benefits portal online or by mail.
How much does the VA funding fee cost?
The amount of the one-time VA funding fee varies depending on your situation, such as your down payment amount and whether this is your first VA loan. For a VA purchase loan, the fee can range between 1.4% to 3.6% of your loan’s value. If you choose to later refinance your VA mortgage, the VA Interest Rate Reduction Refinance Loan has a fee of only 0.5%.
There are exceptions to paying the funding fee, including Purple Heart recipients, certain surviving spouses of veterans, and veterans with service-related disabilities. It can also be paid upfront or rolled into your loan to be paid over time.
Can I use VA benefits to purchase a home more than once?
You’ve earned these VA mortgage benefits and they are available to you as long as you meet the eligibility criteria. You may qualify for a VA loan for your first home purchase and may then qualify again for each home you buy in the future.
You can even use your CoE to qualify for two VA mortgage loans at one time. Your full eligibility is completely restored after a VA loan is paid off or sold.
There are also convenient and affordable options to refinance a current VA loan to help make your home expenses more affordable by getting a lower interest rate or adjusting mortgage terms.
What are the minimum property standards a home must meet for a VA loan?
The VA sets minimum property standards that each home must meet to ensure that the property is a good investment for the home buyer, the lender, and the VA. To determine if a home meets these standards, an inspection will be required.
These standards ensure that the home is safe, structurally sound, and sanitary
Factors considered could include the condition of a house’s roof, electrical, and heating, for example, but do not include cosmetic features.
Is there a maximum amount I can borrow with a VA loan?
The VA does not have a specified loan limit. At River City, you can borrow as much as you can otherwise qualify to purchase. If you would prefer the option for no down payment, the maximum loan amount for 100% in most areas is up to $548,250. You could potentially borrow more with no money down in a higher-cost area.
