Enid USDA Loan
Scissortail Financial offers USDA loans in Enid with zero down payment and competitive rates. We’ll help you navigate the process effortlessly.
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What is a USDA Loan?
A USDA loan is a government-backed mortgage designed to help buyers purchase homes in eligible rural and suburban areas with no down payment required. Backed by the U.S. Department of Agriculture, this loan program provides affordable financing options with low interest rates and reduced mortgage insurance costs, making homeownership accessible for moderate-income households.
Benefits of a USDA Loan:
- 100% financing – No down payment is required.
- Lower interest rates – USDA loans often have lower rates than conventional mortgages.
- More lenient credit requirements – Buyers with moderate credit can still qualify.
- Location-based eligibility – Homes in certain parts of Enid and surrounding areas may qualify.
If you’re looking to buy a home in Enid, a USDA loan can make homeownership more affordable. Scissortail Financial is here to help determine your eligibility and guide you through the process.
FAQ's
Norman USDA Loan FAQs
While the USDA does not set a minimum credit score, most lenders prefer a minimum credit score of around 640 for a smoother approval process.
No, USDA loans offer 100% financing, meaning you can purchase a home without a down payment.
Some areas within Oklahoma City may not qualify, but many outlying neighborhoods and surrounding communities are eligible. Scissortail Financial can help you check USDA eligibility for specific properties.
Most lenders prefer a 640 or higher credit score for streamlined approval, but borrowers with lower scores may still qualify with additional documentation and compensating factors.
Yes. To qualify, household income cannot exceed:
- 1-4 person household: $112,450
- 5+ person household: $148,450
USDA considers the income of all adult household members, even if they are not on the loan.
Yes, USDA loans can be refinanced through the USDA Streamline Refinance Program, which reduces paperwork and allows eligible borrowers to lower their interest rates.
Instead of traditional mortgage insurance, USDA loans require:
- Upfront Guarantee Fee: 1% of the loan amount (can be rolled into the loan).
- Annual Fee: 0.35% of the remaining loan balance, paid as part of your monthly mortgage payment.
No, USDA loans are only for primary residences. They cannot be used for vacation homes, second homes, or rental properties.
No, USDA loans are available for both first-time and repeat homebuyers, as long as they meet the income and property eligibility requirements.
The typical closing time for a USDA loan is 30-45 days, depending on the lender, property eligibility, and loan processing time.
