You’ve thought about it for so long and you’ve finally decided that you want to be surrounded by luscious vegetation as opposed to concrete pavement. And after looking long enough, you’ve found the perfect house that appeals to your interests and needs. However, you may not have enough funds to purchase it and you find yourself in need of USDA mortgage loans in Washington DC. But it can be frustrating to find a quality lender in Washington DC when there are countless USDA home loan Washington DC lenders who are willing to make you an offer you can’t refuse. And while they appear good, it’s crucial you realize not all USDA loans in Washington DC offer the same set of terms. So if you ever find yourself frustrated with trying to find the right loan lender, then don’t keep frustrating yourself when you can call the experts at American Bancshares today!

Our organization has 20+ years of gaining experience that has accumulated from providing unmatched services that are paired with a deep commitment to empowering communities. And due to this, we’re widely known throughout the satire state as the best lenders of USDA loans in Washington DC. If you’re curious to learn more about why you should choose us as well as what a USDA loan is, then continue reading below.

Why You Should Choose American Bancshares For Their USDA Mortgage Loans in Washington DC

Here at American Bancshares are known throughout the entire country as not only one of the most trusted USDA home loan lenders in Washington DC, but also as one of the most reliable. With 20+ years of experience, our company has empowered countless partners and communities. And thanks to their provided work, our services have extended nationwide.

American Bancshares’ structure was created and designed by industry experts who are well-versed and deeply knowledgeable about the modern home financing market. Unlike banks, our organization offers mortgage products, meaning that all of our lenders of USDA loans in Washington DC are licensed and even well-versed in mortgage lending. Our employees aren’t only experienced and qualified to give you ethical and expert advice, they’re also dedicated to helping you find the right loan with a rate, terms, and cost-effectiveness that’s optimized for your interests and needs.

Our organization is dedicated to assisting communities. And this is due to our core values as a business which include commitment, integrity, and transparency. Most of our employees — including our senior management — have held a chair in nearly every position in the mortgage industry. And because of this, we’re able to gain tremendous insight from countless perspectives. Plus, this deep understanding paired with extensive knowledge has allowed us to be effectively and efficiently fluid to industry changes while still being able to provide you with unequal service and first-in-class customer service that we’re so widely known for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll be granted one of our USDA loans in Washington DC that will help you acquire the property you seek to purchase.

USDA Mortgage Loans in Washington DC

The USDA loan (also known as the USDA Rural Development Guaranteed Housing Loan Program) is one of the most popular mortgage loans in Washington DC. Numerous rural property owners are offered this mortgage loan type by the United States Department of Agriculture.

With this loan, you’re given a zero down payment mortgage if you’re eligible for the loan.

How USDA Loans in Washington DC Work

There are three different types of USDA home loan programs in Washington DC. They include:

  • Loan Guarantees
      • Like any FHA loan and VA-backed loans, the USDA guarantees a mortgage issued by a participating local lender ( such as American Bancshares) allowing you to get low mortgage interest rates even without a down payment. However, when you put in little to no money down, you’ll have to pay a mortgage insurance premium
  • Direct Loans
      • If you earn a low-income, then direct mortgage loans might be right for you. Direct mortgage loans issued by the USDA are meant for low and very-low-income applicants. Income thresholds vary by region. With subsidies, interest rates with direct loans can be as low as 1%.
  • Home Improvement Loans & Grants
    • These loan types permite homeowners to repair or even upgrade their homes. Packages of these loan types combine a loan and a grant, providing up to $27,500 in assistance.

Qualifying For USDA Mortgage Loans in Washington DC

Income limits in order to qualify for a USDA home loan in Washington DC vary by location depending on the household size.

Guaranteed USDA loans in Washington DC can fund only owner-occupied primary residences. Other eligibility requirements include:

  • U.S. citizenship (or permanent residency)
  • A monthly payment that’s 29% or less  of your monthly income (this monthly payment can also include principal, interest, insurance, and taxes.) If you have other monthly debt payments, they cannot exceed 41% of your income.  The USDA, however, will consider higher debt ratios if you have a credit score above 680.
  • Dependable income, typically for a minimum of 24 months
  • An acceptable credit history with no accounts converted to collections within the last 12 months, among other criteria. If you’re able to prove that your credit was affected by circumstances that were temporary or outside of your control, you can still likely qualify.

If you do apply with a credit score that’s 640 or higher, then you can receive streamlined processing. Those with scores below that must be able to meet more strict underwriting standards. And if you’re without a credit score or a limited credit history, then you can qualify with “nontraditional” credit references, such as rental and utility payment histories.

If you’re not sure if you qualify, feel free to contact us. One of our consultants will be able to indicate if you’re eligible for a USDA home loan in Washington DC or not.

Hire American Bancshares For Their USDA Mortgage Loans in Washington DC

When you’re ready to purchase your desired property and need assistance from a qualified Washington DC mortgage lender, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. For any inquiries, you may call us at 1-833-937-2276 or request a free consultation online.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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