What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing stability. In contrast, an adjustable-rate mortgage (ARM) typically starts with a lower rate but may change over time based on market conditions.

What credit score is required to qualify for a mortgage?

Lenders typically prefer a credit score of 620 or higher for conventional loans. Government-backed loans like FHA and VA may accept lower scores.

Can I refinance my mortgage to lower my monthly payments?

Yes, mortgage refinancing can often reduce monthly payments by securing a lower interest rate or extending the loan term.

How much down payment do I need to buy a home?

The down payment requirement varies but often ranges from 3% to 20% of the home's purchase price. Certain loan programs, such as FHA or VA, may have lower down payment options.

What is the mortgage approval process like?

The process involves pre-approval, application, document verification, underwriting, and closing. Pre-approval helps determine the loan amount you can afford.

What's the difference between pre-qualification and pre-approval for a mortgage?

Pre-approval is a more rigorous process involving a comprehensive review of your credit, income, and other financial factors, resulting in a firm commitment from the lender for a specific loan amount.

USDA Loans – Eroica Financial Services

USDA 100% Loans

As a top USDA loan provider, we are familiar with the particular requirements and advantages of this government-sponsored program. Our staff of experts is knowledgeable about the nuances of USDA loan requirements and can walk you through the entire procedure, providing a quick and easy transaction.

We customize our services to your unique needs, whether you’re a first-time home buyer or looking to refinance. Our committed loan specialists will guide you through the possibilities, clarify the specifics of the USDA loan program, and assist you in making the best decision moving ahead.

Benefits to a USDA loan are flexible credit standards, no down payment, and rolling the USDA fee into your loan. To give you the best opportunity to receive a USDA loan, our experts will work closely with you to ascertain your eligibility and walk you through the application process.

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We are committed to providing you with the highest level of expertise and individualized care as you navigate the complex world of USDA loans. We want to turn your home-buying ambitions into a reality by utilizing our in-depth expertise and experience.