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USDA Loans Offer Zero Down Purchases

September 27, 2017


If you are a first time homeowner who is not a Veteran, a great way to purchase your first home is with a USDA (US Department of Agriculture) home loan. These loans are restricted to rural and non-urban areas and also have income limitations. If buyers are willing to live in these areas, they are a great way to get into your first home without a down-payment. (There is a small upfront mortgage insurance fee added to the loan and a small monthly mortgage insurance fee).


In the South Puget Sound area of Washington, the eligible areas include Tenino, Rochester, Rainier, and all of Lewis County. Areas west of Delphi Road in Olympia out to Aberdeen and even parts of Olympia's outlying areas within Thurston County also qualify. The income limitation for a two person household in this area is currently $88,800.


South Sound Home Loans does not charge a Loan Origination fee as many banks and credit unions do. This means an instant savings of at least 1.0% or more of the loan amount further reducing your loan closing costs. Our fee is paid by the banks we use.


Maps showing eligible areas are available on USDA's website:


(Rates for USDA zero down purchase loans as of September 2017 are 4.0, APR 4.28% for a loan over $200,000 and a credit score of at least 660. For scores down to 560, the rate is 5.0%, APR 5.534%. Rates subject to change.)



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