USDA Rural Home Loans
With loans available to home buyers in rural areas and financing assistance to those who qualify, a USDA loan can help you make the dream of homeownership a reality Learn more about USDA Loans from Colorado State Bank and Trust and apply today.Apply Now
WHAT IS A USDA LOAN?USDA loans are mortgages backed the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. USDA loans are available to home buyers in rural areas and offer 100% financing with reduced mortgage insurance premiums, and feature below-market mortgage rates.
Purchasing a home – Minimal Out Of Pocket Costs To You
The USDA Rural Development loan program provides low- and moderate-income households the opportunity to own a primary residence in eligible rural areas. It provides options for no down payment and low monthly mortgage insurance which saves you thousands.
Advantages of a USDA loan
With a USDA loan, eligible applicants may build, rehabilitate, improve or relocate a dwelling in a rural area. You do not need to be a first time homebuyer to be eligible for this program. Gift funds are also accepted for any out of pocket fees including closing costs.
Experienced Customer Service
Our Mortgage Bankers offer personalized service and are available to walk you through the entire home buying process. Visit one of our banking centers or call our Mortgage Bankers at (866) 910-5224 today to get started.
Loan Comparison Calculator
In addition to the calculated monthly payments, annual percentage rate (APR) offers a good apples-to-apples comparison between loans. APR takes into account the varying discount points, closing costs and fees that are typically added into the loan amount and financed over the term of the loan. If the fees are paid "out-of-pocket" then the APR will be the same as the stated interest rate. Use this loan comparison calculator to help determine the best loan option for you.Calculator
The application will ask questions about the house you are planning to buy and your finances. It takes less than 20 minutes to complete. If your application is approved online, we'll ask you for a deposit to cover the cost of the appraisal on your home so that we can begin to process your request immediately.
After your application is completed, a Mortgage Banker will contact you to introduce themselves and to answer any questions you may have. Your Mortgage Banker will provide help and guidance along the way.
If your request wasn't approved online, they'll ask you for any information required to make a decision about your loan.
Prepare for Closing
Once everything is finalized, we'll send you the application package. This package will contain papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the online application.
After we have your deposit, we'll order an appraisal from a licensed appraiser who is familiar with home values in your area.
You'll also need to obtain title insurance. If you are purchasing a new home, we'll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title work for you.
Close Your Loan
After we receive all your paperwork — your application package, the appraisal, and the title work — we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.
The closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing your Mortgage Banker will contact you to walk through the final information.
Ready to Get Started?Find a Mortgage Banker
Find up-to-date interest rate information on all our loans.