What is a USDA Loan?

• USDA home loans, also known as rural development loans, are loans issued by the US government. To help families who may not quality for conventional loans or have the same lending options as those in larger cities, the US government issues these loans through approved private lenders.

• With a USDA loan, the family can borrow up to 100% of the home’s appraisal, meaning no down payment is needed. The loan is set for a 30-year fixed rate home loan, and requires no mortgage insurance.

• A USDA loan is a great option for families in smaller communities trying to find a way to buy a house.

Who is eligible for a USDA Loan?

• According to USDA, to be elibible for a USDA loan, you must:

• be a US Citizen, a US Non Citizen National or have a qualified Alien status

• be at least 18

• not own another house in the local area

• occupy the home as your primary residence

• be unable to get conventional loan that requires a 20% down payment

How do I apply for a USDA Loan?

• The Summit Lending Team in Lee’s Summit, MO is an approved lender and can help you secure a USDA loan. USDA loans are offered by lenders such as The Summit Lending Team who meet federal guidelines on lending.

• To determine if you pre-qualify for a USDA Loan, please complete our form online or call Darren Copeland at (816) 268-4025.

Did you know that many towns that lie on the outskirts of the KC Metro are eligible for a USDA loan?

Some Missouri towns eligible for the USDA loan may include:  Kearney, Higginsville, Warrensburg, Lexington, Harrisonville and Plattsburg (among many others.)

​

Some rural towns in Kansas eligible for a USDA loan may include:  Atchison, Valley Falls, Gardner, Ottawa and Paola (among many others.)

​

Check with us to determine if your future address would be eligible for a USDA loan! If your area fits requirements we’ll then determine if your income does, too.