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  • Home
  • Blog
  • Loan Options
    • Conventional
    • FHA Options
    • USDA (Rural Housing)
    • VA Loans
    • Maine State Housing Program
    • Reverse Mortgage
    • Reverse Mortgage (HECM) for PURCHASE!
    • Renovation Loans
  • calculators
    • Calculators
  • About
    • Mark J. Maroon, Branch Manager
    • Luanne Morgan, Operations Manager
    • David J. Maroon
    • Thomas P. Drew
    • Michael White
    • Irina Malayev
    • Monica Stanton
    • Support Staff
    • Testimonials
    • Our Culture
    • Directions
    • Join Our Team!
Mortgages in Maine PRMI | Maine Lender
  • Home
  • Blog
  • Loan Options
    • Conventional
    • FHA Options
    • USDA (Rural Housing)
    • VA Loans
    • Maine State Housing Program
    • Reverse Mortgage
    • Reverse Mortgage (HECM) for PURCHASE!
    • Renovation Loans
  • calculators
    • Calculators
  • About
    • Mark J. Maroon, Branch Manager
    • Luanne Morgan, Operations Manager
    • David J. Maroon
    • Thomas P. Drew
    • Michael White
    • Irina Malayev
    • Monica Stanton
    • Support Staff
    • Testimonials
    • Our Culture
    • Directions
    • Join Our Team!
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​The “Rural Housing” USDA Loan is a true 100% financing program federally insured by the US Department of Agriculture. It is called a Rural Loan by the USDA because it is handled by the Rural Development Department.

The USDA Mortgage is popular for many reasons. There is no down payment required, making it a true 100% financing program. In addition, the USDA Loan saves you a considerable amount each month compared to other programs. This is because the mortgage insurance is much cheaper. The seller of the home can pay all of your closing costs. This saves a buyer a lot of cash needed at closing. There are no purchase price restrictions on the home. The USDA does not require perfect credit to apply for the mortgage. The program allows for credit or financial mistakes in the past. Generally speaking, the program is more flexible. The interest rate is low and there is no penalty for not staying in the home or paying it off early. This is important, as other programs require you live in the home a certain amount of time. The USDA home loan does not require you to be a first-time buyer. This, again, is unlike other programs designed just for first time buyers.

There are some restrictions with the program. Town restrictions limit the area you can use the program to purchase a home. To find out if the property you are looking to purchase is eligible click here. The USDA Mortgage also has income restrictions which vary depending on the size of your family.



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​PRMI NMLS 3094. Branch NMLS 989813. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Department of Professional and Financial Regulation Bureau of Consumer Credit Protection SLM5619.  Licensed by the New Hampshire Banking Department" 10706-MB.  Florida Office of Financial Regulation MLD646
Our Office
360 US Route One, Suite 300
Scarborough, ME 04074
207.885.5070

NMLS # 989813
 
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