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Farmer's Home Loan (FmHA)
Loan Term:
30 / 25 / 20 / 15 years
Max Loan Amount:
loan amounts vary by county and state
Minimum Down:
zero down payment available
Available for:
Owner-occupied primary residence (rural properties)
Loan Features:
Fixed interest rate and monthly payments
Your monthly principal and interest payment will never change for the life of the loan.
Get help when you need it
Farmer's Home Administration (FmHA), now known as USDA Rural Development, is a government agency that guarantees mortgages secured by residential properties located in rural areas. This FmHA guarantee makes it possible for borrowers with income less than HUD's local median income for the area in which they reside to obtain a home.
Consider choosing this loan if:
You prefer predictable monthly payments (fixed interest rate and payments).
You are a borrower living or looking at living in a rural area, and you meet maximum income guidelines.
You have fixed monthly incomes that you do not expect to change while you are in this house.
To Proceed:
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Apply for this loan
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Speak with an experienced
professional about this loan.
Other
Customized loan options:
Blemished Credit Options
Bridge Loan
Farmer's Home Loan (FmHA)
Other Loan Options
(click on the loan to learn more about it)
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Learn more (key terms and concepts)
Conventional Conforming Loans
Conventional Conforming Loans are loans that conform to national guidelines established by the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac). These guidelines insure the security of your mortgage and therefore the security of your home.
Jumbo Loans
Jumbo Loans are conventional loans that are larger than conforming loan limits (any loan over $417,000 for a single-family home).
Fixed Rate Loans
Fixed Rate conventional loans are mortgages with an interest rate that does not vary over the term of the loan. The term of loan can vary in length from 10 to 30 years. In general, you might choose to select a fixed rate loan if you thought interest rates were going to rise in the future. This way your interest rate will stay fixed for the life of the loan, and not subject to future rate movements.
Term Options
The Loan Term
is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:
30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)
pay more total interest
when you pay over 30 years
Extends principal payments
over 15 yrs.
(higher monthly payment)
Pay less total interest
by paying over 15 years
Build equity faster
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All rights reserved. Revised: October 16, 2000.
