USDA Loan Resources

Grandma hugging her grandchild after playing outside of their rural home purchased with a USDA loan

USDA Loan Process

USDA is an outstanding mortgage program if you want to live in a designated rural area. And it’s not just for farms! The program covers many small towns and some suburbs. You can finance several types of property, and you can use the loan to buy, build, repair, or even relocate a home. Both you and the property must meet eligibility requirements.
 
Features include:

  • Up to 100% financing
  • 30-year fixed-rate loan
  • Lower fees than an FHA loan
  • No set acreage limit
  • You don’t have to be a first-time homebuyer
 
Follow these easy steps to your new rural home.

1

Step One

Meet with your licensed CrossCountry Mortgage loan officer to make sure you, and the property you want to buy, are eligible for a USDA loan.
 
Once you are under contract and have met the eligibility requirements, schedule your home inspection so you will know if there are any problems with the home.

2

Step Two

Within the first 14 days after submitting your application, we’ll work closely to gather all documentation, ensure everything is complete and accurate, and submit the application to loan processing for review. We will also order your appraisal (for purchases and some refinances).

3

Step Three

The loan processor will start reviewing your documentation within 24 hours and complete the review within 2 days of receipt. The processor will then submit your loan to underwriting.

4

Step Four

The underwriter will complete an initial review within 24 hours. If any conditions (missing or additional items or information) are required, your loan will be sent back to the processor to clear them and prepare for closing. Once complete, the loan will return to underwriting for final review and approval.

5

Step Five

The underwriter will issue a clear to close (CTC) and advise the processor, who will inform all parties of the CTC, verify the closing date and time, and place the loan in the closing queue. The closer will have 24 hours to provide closing documentation to the settlement agent.

6

Step Six

Attend your closing and sign the final documents. Congratulations!

Mortgage Checklist

The following information is usually required during the home loan process. Additional documentation may be needed.

  • Your government-issued photo ID
  • Federal tax returns for the most recent 2 years
  • W-2s for the most recent 2 years
  • Pay stubs for the past 30 days
  • Bank statements for the most recent 2 months
  • Most recent copies of asset/retirement account statements
  • The declarations page of your homeowners insurance

Find a Loan

I want to buy a home.

A USDA purchase loan offers outstanding benefits for qualified borrowers buying a primary residence. You don’t need a down payment, the fees are lower than an FHA loan, and the interest rates are competitive. The property must be in an eligible rural area, but the loan can be used for several different property types, from a single-family home to a condo.
 

I want to refinance my USDA loan to a lower rate with lower monthly payments*.

There are three different USDA refi options and one may be right for you. Depending on which one you use, you may not need an appraisal or credit underwriting, but you will need to show that you have paid your mortgage consistently. A USDA refinance is for USDA-to-USDA loans only.

I want to refinance my USDA loan and take cash out*.

USDA does not offer a cash-out refinance. If you want to tap the equity in your home, you’ll need a different loan program. Discuss your options with your licensed CrossCountry Mortgage loan officer.
 

I want to buy a fixer-upper.

USDA single-family loans can be used for repairs and rehabilitation when you purchase a home. Talk to your licensed CrossCountry Mortgage loan officer for details.