Washington USDA Rural Development Loans


100% financing with low closing costs for homes in eligible rural areas.
Laptop with Chimney Rock Mortgage logo and checkmark to indicate successful application submission

You are on your way to starting your online application!

Select the "Start your application" button below to be redirected to the SimpleApp login portal.

What are USDA RD loans?

USDA RD (rural development) loans are a type of mortgage available for individuals to fund purchasing or repairing a home in an area defined as rural by the United States Department of Agriculture (USDA). The loan is available through private mortgage providers (mortgage companies, banks, and credit unions) and backed by the USDA. Chimney Rock Mortgage has been a top rural lender recognized by the USDA for 10 years running.

USDA RD loan quick view

  • 0% down payment available
  • Low closing costs
  • Reduced upfront mortgage insurance premiums
  • Up to 6% seller contribution allowed
  • Lower credit score qualifying
  • Properties must meet USDA guidelines
  • Income restrictions apply
  • Simple & secure online application

Your Custom USDA RD Loan Rate

Start your free quote from Chimney Rock Mortgage

Get My Quote

Do you live in a rural area?

The USDA maintains an interactive map to easily identify rural designated areas. Some states, such as Montana, are almost entirely eligible for USDA loans. Get in touch with our team for help determining if you live in a qualifying area. Your loan officer can work with you to locate areas eligible for USDA rural development loans

How is a USDA RD loan different than a conventional loan?

Conventional loans are available to any borrower regardless of where their real estate is located. USDA loans are only available to borrowers in designated rural areas.

 property bought with USDA loan

Advantages of a USDA RD loan

Loans are available with 0% down payment and credit scores tend to be more forgiving than with conventional loans. USDA loans often offer lower interest rates too.

Disadvantages of a USDA RD loan

Borrowers must meet income restrictions for the county in which they are buying or repairing their home, and the loan can only be used for primary residence dwellings. Although USDA loans don’t require private mortgage insurance, borrowers will need to pay an upfront guarantee fee and an annual fee that serves as a form of monthly mortgage insurance premium. The annual fee is 0.35% of the loan’s annual balance but paid monthly as part of the borrower’s monthly mortgage payment. This fee exists for the life of the mortgage.

Who should consider a USDA RD loan?

People in rural-designated areas and with limited down payments may be a good candidate for a USDA loan. To see whether you should consider a USDA loan connect with your Chimney Rock Mortgage loan officer to review financial goals and loan options.

If you’re interested in purchasing or refinancing a home in Spokane or accross Washington, I can help you make it happen. Please contact me today or apply online in less than 10 minutes using the secure online application below.

Get Started in Less Than 10 Minutes

Get pre-approved with our online mortgage application. It’s simple, fast & secure!

X

Ryan Camp Spokane  home loans

Ryan Camp

Contact Ryan