we offer USDA loans
"Michael was available or returned calls within the same day." - Jeanne N
You can afford a home with a USDA loan from PMG.
PMG Home Loans offers amazing USDA loan options designed to help lower income families buy homes in qualifying rural and suburban regions.
Advantages of USDA Mortgages:
Can be used to buy or refinance a home
Low or no down payment
Competitive fixed interest rates
Sellers can pay closing costs
Flexible finance options
If you live in a rural or suburban area, a USDA loan can help you realize your dreams of homeownership!
PMG can help you determine if you are eligible for USDA loans.
It’s no mystery that average incomes in the country and suburban areas are lower than they are in costly big cities. This can make it frustrating or even impossible to qualify for mortgage loans that are designed for higher earners. This is why the USDA has put together the Single Family Housing Guaranteed Loan Program (sometimes known as the Section 502 Program). This program is designed to help homebuyers secure a mortgage for the purchase of a home by guaranteeing 90% of the mortgage loan offered by an approved lender like PMG.
PMG can help you find out if a USDA loan is right for you. In addition, we can help you determine if you’re eligible for the Single Family Housing Direct Home Loan Program, which temporarily reduces your mortgage payments with federal subsidies.
lower credit requirements
Because these loans are designed for people with low to moderate income, credit requirements are relaxed. This allows people who couldn’t qualify for a conventional loan to take advantage to buy a home that meets their family's needs.
no down payment
While most loans require sizeable down payments of as much as 20%—and even federally guaranteed loans bottom out around 3%—USDA loans require no money down.
low interest rates
USDA loans offer some of the lowest interest rates of any federally guaranteed mortgage, sometimes being a full percentage point (1%) lower than typical mortgage rates.
low mortgage insurance rates
Many mortgages, including government-backed loans, require homebuyers to pay for mortgage insurance. This reduces the risk of giving you a loan, allowing you to qualify when you might not otherwise. USDA loans have lower insurance requirements than most loans.
Who qualifies for a USDA mortgage loan?
PMG is an approved provider of USDA loans, and can help you determine whether the USDA mortgage program is right for you. We have decades of experience handling USDA loans, and can walk you through the process of applying, or determine if another type of mortgage loan is a better fit for you.
Qualifications for Eligibility
To begin with, a family must show that it falls below a specified household income for a specific region. For instance, a family with two adults and two children in Sacramento County must have a total adjusted household income of less than $92,150 in Sacramento County or Placer County. While there is a maximum income level for the USDA program, given the size of the loan you are seeking, you must demonstrate that you can repay the mortgage.
In addition, the home you plan to buy must be your primary residence (meaning you'll live in it most of the time), and meet all of the program’s criteria. You must also be either a U.S. citizen, green card holder, or qualified alien, and not have been previously barred from taking part in federal programs.