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100% financing home loans

Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Equal Opprtunity Lender

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

USDA Home Loan in Stilwell, Oklahoma

The USDA Home Loan was designed for low to moderate income families in areas that are designated by USDA as rural. Approved areas are determined by population. Stilwell, Oklahoma and its surrounding areas qualify for the USDA Rural Home Loan. Borrowers in this area can greatly benefit from the Rural Home Loan.

The biggest benefit of the USDA Home Loan is that there is no downpayment. Borrowers can obtain 100% financing. The USDA Loan is only one of two loans that offers no money down. The other loan is the VA home loan which requires the borrower to be a veteran. Since that’s a small part of the population, the USDA Loan is the only 100% option for most people.

Another feature for borrowers in Stilwell who choose to do a USDA loan is the closing cost process. The USDA Home Loan allows the seller to pay up to 6% of the sales price towards the closing costs. In most cases this is more than enough to cover all the costs associated with the loan.

Most loans where the borrower does not put 20% down require mortgage insurance. The USDA Home Loan is no different. The good thing about mortgage insurance on the USDA Loan is that the factor used is very low compared to other loan types. For example, the FHA Loan has a monthly factor of .85% where, by comparison, the factor for the USDA Loan is .50%. This is a significant savings each much and can save thousands over the course of several years.

The USDA Rural Home Loan also has extremely flexible credit requirements. Borrowers can use this loan product only 3 years removed from a foreclosure. Additionally they only have to be 2 years removed from bankruptcy. While there is no true minimum credit score, most lenders require a 640. Collection accounts and charge off accounts are also allowed.

These are just some of the many reasons that residents of Stilwell, Oklahoma can benefit from the USDA Rural Home Loan. With no money down and no out of pocket expenses along with low monthly mortgage insurance and flexible credit requirements, the USDA Loan is a wise choice.   

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