Why Choose BuildBuyRefi Over Other USDA Home Lenders?

We Provide Fast Closing USDA Loan Programs In All 50 States. Our Team Brings A Deep Knowledge Of These Rural Options To Help You Get Into Your New Home With Zero Down.

Respond “YES” To Each Of The Top 3 USDA Qualifying Questions, And You’re One-Step Closer To Getting Access To Some Of The Hottest USDA Rural Development Loans.

Respond “NO” To Any Of These Statements, And You May Still Qualify!

(1). You’re looking to Build, Buy, Refi, or Renovate, but not take Cash or consolidate debt.

The USDA offers many programs, but the one program they will not finance is a cash-out or debt consolidation loan. In such instances where you are already on a USDA mortgage and want to pull out cash or consolidate debt, you will need to look at other programs like Conventional, FHA cash out plan, VA, or home equity lines of credit. There are no exceptions to this rule under current guidelines.

(2). Your property is in a designated USDA Rural Development Area.

The starting basis for a USDA loan is determined solely by designated USDA rural development areas in each county. The USDA does not lend in any area outside of those identified by the Rural Development guidelines. To determine if you are in a qualified area, contact your USDA banker or refer to the relevant government’s USDA Eligibility site. Enter your property's zip code to determine if it qualifies.

For buyers interested in rural construction, pre-built barndominium loans in rural areas are available through USDA programs, offering affordable financing with zero-down payment options.

Great, if you answered “YES” to each of these, you passed the first part of our pre-qual quiz. If you have a “NO” somewhere, then call us now, or take our eligibility checker to discuss your situation. Answering “NO” doesn’t mean you won’t qualify, it just means we need to find out which area is impacting your request.

Before we discuss the programs, we offer, and we offer EVERY Manufactured Loan imaginable that meet’s the above requirements, let’s review the most important ways to make the process as smooth as possible.

First, There Are No Guarantees Because There Are Many Unknowns.

Any banker or loan officer providing you with a guarantee is probably someone you want to avoid. It’s not guaranteed until you’ve met all conditions and closed your loan. But let’s discuss further how you can get the desired results.

We’re a Top Rated® Team With Wicked Fast Speed & 5-Star Service. Here’s Why!

Applying and getting prequalified for a USDA loan is only the first step in the process; it doesn’t guarantee you’ll get the rate, terms, or program you were prequalified for initially.

Many factors go to achieving that low rate and great program you wanted, which is “the speed at which YOU move.” Time plays against every borrower in a big way with any loan.

Learn The 4 Most-Important Reasons To “Light The Fire” And Take Fast Action On Your USDA Home Loan Pre-Qualification!

1. Rate Locks Expire: Many loans are locked for 30 days because the shorter term allows you to get the lowest rate possible. If you lose your rate lock by letting it expire or needing to extend it because you took weeks to get the items back, it will cost you more money or a higher rate. With rates recently rising, a higher price could make you no longer eligible for the loan you wanted. A long delay could require you to re-qualify for the loan again.

2. Programs Could Disappear: It’s happened before; we’ve witnessed many loan programs get wiped out overnight. Investors can choose to change their risk portfolio and stop offering programs altogether; that is why moving fast on the approval you have in your hand means taking action.

3. Your Job or Income Status Could Change: What if you lost your job, your income was reduced, or you wanted to take a new job, but it put your loan closing in jeopardy because you took too long? Any changes in your employment status could come back with more unfavorable terms or, worse, a complete loan denial.

4. Your Credit Score Could Dramatically Change: We’ve seen this happen many times. A borrower maxes out their credit card for business, or they miss a payment because they weren’t paying attention, or judgment/collection was filed for many reasons. Not closing quickly under the same credit terms is another reason underwriters require you to re-qualify or cancel the loan.

Follow These 3 Steps to Get Competitively Priced USDA Home Loan rates today.

1. Find a lender you feel confident in and apply to get pre-qualified from that lender. Make sure the lender has the program you want; they don’t sound confident they can close this program and have the reviews to back it up, then keep looking! You may want to check out our reviews to help give you this confidence.

2. Request a rate lock on your loan once you are pre-qualified and get your lender every item needed as fast as necessary to close your loan, so your rate lock doesn’t expire. Your side of the process is only complete when the loan is closed, not when you think you sent enough documents to satisfy what the lender is requesting.

3. Take responsibility and move fast; as you know, rates have been on the rise lately. Wait too long, and you could end up with a higher interest rate, qualifying for a smaller loan than if you locked in faster on a lower price. It’s your job to ensure you meet all requirements, not the loan officer's or lender’s position to hold the file open as long as possible, paying for the rate lock extension out of their pocket. Locks cost money because your lender reserves the funds and rate you want. It’s your responsibility to ensure you move fast so as not to let that lock expire, or it could end up costing you.

BuildBuyRefi Will Loan On These USDA Rural Development Property Types.

(1). Single Family & Modular Homes

• Any site built or modular home, built on or shipped to the current location. There are no age restrictions on these properties; however, they cannot be mixed-use, demolished, razed homes, co-op’s, investment, or on structures relocated to or from another site.

(2). Manufactured Homes

• Any brand new single-wide or multi-wide manufactured home larger than 400 sq. ft., and if pre-owned in a pilot state, built after June 15, 1976. Property cannot be on leased land or in a trailer park and must be on a permanent foundation. USDA Manufactured Loans only available NEW FROM DEALER, not pre-existing.

(4). PUDS, Townhouses & Condos

• Any approved PUD, townhouse or condo must be approved or accepted by HUD, FHA, VA, Fannie Mae, or Freddie Mac. It is essential that these properties, while rare are located in designated Rural Development areas only to use the USDA.

*Modular homes are not considered manufactured homes, they fall under the same category as a Single-Family Home and do not have the same restrictions as Manufactured Homes. Every program available to a Single-Family Home extends to Modular.

Some of The Most Popular USDA Rural Home Loan Products Available On The Market & Details You Should Know.

You most likely already have an idea of what loan program you need, want, or would like to have. But for those who are just learning about these program types, we want to explain them in more detail.

#1. USDA Purchase Loans

• A purchase loan is for buying a new primary residence only; a second home or investment properties are not allowed. A standard purchase loan is most commonly utilized for a house that is already built; however, they can be used in combination with our in-house smart loan, allowing well-qualified borrowers to access up to *$50,000 in extra funds during or after the mortgage transaction to update their home, consolidate debt, furnish, or however they wish. If you’re interested in buying a distressed property, the USDA is not the route to take due to more demanding appraisal requirements. You may want to consider foreclosed homes with an FHA loan instead.

• For properties that exceed standard USDA loan limits, borrowers can explore our USDA Jumbo Loan options designed for higher-value rural homes.

#2. USDA Streamline Assist Refinance Loans (suspended Until Further Notice).

• A streamline refi is strictly for those looking to lower their interest rate or modify their loan term. No cash-out, debt consolidation, or renovation is allowed; it should be noted that the USDA does not permit cash-out on any of its programs. Additionally, pre-owned manufactured homes are allowed if the original loan was made through the USDA.

USDA Requires Your minimum “middle of the 3” credit score To Be Higher Than A 640 fICO.

My middle credit score is above 640. What rate can I get?

The rate you qualify for depends on many factors since rates fluctuate daily, sometimes multiple times a day; the quote you receive today will most likely be different tomorrow. That is, of course, if you have not locked in your loan.

Borrowers with a 640 credit score may see a little higher rate than those with a 680, 720, and so on. This is because investors offer better rates the higher your score is. They do this because those with higher scores have proven to be of lower credit risk than those with higher scores.

Many people who buy a loan with a lower credit score and a higher rate could raise their credit even if they took out a 100% loan six months to a year later. In cases where that happens, we constantly work with our existing clients and review market conditions to offer an internal streamline refinance.

Do you provide bad credit USDA Loans? What is the lowest score you accept?

Can we lend lower than 640? 

Unfortunately, there are no exceptions to the credit score rule with USDA guidelines.

Typically when a borrower has a score under 640, a few things happen. 

#1. The interest rate we can offer becomes too high.

• The pricing adjustments for lower scores and loan amounts become a high risk for the lender. And due to us offering the full suite of government-backed programs, we shy away from dancing with any loan that targets what the government deems high costs.

#2. The borrower has limited to no credit, or their credit trade lines are not acceptable to our current underwriting guidelines.

• It’s even true that some people with a 640 credit score with limited or no tradelines could get a loan denial, but it is essential to show our underwriters you can make payments on time and are at low risk for defaulting on your home loan.

#3. The borrower could be a few steps away from a much better credit score.

• If you fall under the 640 FICO threshold and could be some areas, credit repair may help you become more attractive to approving lenders. In many instances, you don’t have to go through a 3rd party credit repair company, as today’s lenders have tools to help you determine what moves you can make to improve your score. Do what is needed, and not only would you get a lower interest rate, you could qualify for a more substantial loan with better home options than if you settled for borrowing with worse credit.

The 5 Acceptable Income Types When Applying For A USDA Rural Home Loan.

While we accept almost every income type when verifying and approving these types of loans, the two we won’t loan on are stated income loans or bank statement-only loans for the USDA Program.

1. W2 Full Time & Part Time Employees 

2. Self Employed

3. Active Military Income

4. Retirement, Pension, 401k regular disbursement income

5. Social Security or Disability income

It’s important to note that any change during the process in employment status, such as getting fired or switching jobs, is grounds for denial or re-underwrite. You want to avoid any change in your job status while completing your loan, and if there is the slightest chance something might change, you need to speak to your loan officer immediately.

Do not assume that your loan will still be approved because you are getting a better job offer. Changes like these scare underwriters and will increase the amount of documentation you would need to gather, it could delay your closing, cost you a rate lock, or you could lose your purchase money escrow altogether.

You will save thousands in lost time and money by being as upfront as possible with your loan officer. 

Aside From Working 7 days A Week On Your Schedule, We Specialize In The Most Popular USDA Rural Home Loan Programs To Hit Today’s Mortgage Market!

The Truly Determined Borrower Ultimately Deserves Straight Forwards Answers and 5-Star Customer Service. At BuildBuyRefi, We Offer Great Rates & Wicked Fast Speeds to Hit Your Closing On Time.

We Won’t Leave You Guessing What Is Going On!

Why do other lenders and even my local bank offer high-interest rates, shorter terms, or require higher down payments?

That’s a great question!

Short answer because they aren’t the experts in USDA home loans. 

Longer answer…

The Top 3 reasons other USDA home Lenders Find it hard to Compete with BuildBuyRefi.

#1. We have Some Of The Most competitive USDA products, rates & loan terms:

• Most lenders, brokers, and banks only have a few programs, not offering anything near the vast array of USDA rural loan products we have. Their rates are higher and loan terms shorter because they can’t touch the monthly volume we produce. They don’t offer the high loan-to-values because they still view this property as less desirable, increasing their perceived risk.

#2. We have seasoned USDA loan veterans Standing Ready To Work With You:

• Most are not seasoned veterans in the USDA lending sphere, meaning the loan officer you worked with might never have closed one of these properties before, which could work against your goals. You need a banker that knows how to navigate these programs, and most of our bankers have 15-30 years of experience lending on rural development properties.

#3. We Want To Help You Actively Fund Your USDA Loan, Regardless Of Property Type:

• Your local bank or credit union may be acting like they are doing you a favor to keep you with them, but they don’t want rural property types on their books. In many cases, rural properties can take longer to sell, so the bank you are working with may talk you into putting more money down or taking a higher rate, saying they’re making an exception to the guidelines. In this case, their inability to be competitive costs you more by staying loyal.