USDA Rural Development Loans are insured by the US Department of Agriculture. They offer good rates, credit score flexibility and low down payments. USDA Loans are subject to income and area restrictions but they can be used in many parts of Central Oregon.
Down payments as low as 0%
Relativity good rates for buyers with less than perfect credit
USDA loans are subject to area restrictions.
Eligible areas in Central Oregon include Redmond, Prineville, Sisters, Sunriver, and La Pine
USDA loans are subject to income limits that are based on county and the number of household members
Max household income for a family of four or less in Deschutes County is $92,450 for 2022
Max loan amount varies by county ($455,400 in Deschutes County in 2022)
USDA loans require an upfront and annual guarantee fee
USDA guarantee fees cost less than FHA mortgage insurance
Can be used for purchase or refinance
Fixed rate loans only
Closing costs and prepaid expenses can be financed in some cases
Seller contributions and lender credits towards closing costs allowed