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Is there a 7 year adjustable option for USDA?

I'm moving out of state but not for long and going with a zero down option would be ideal. If there's something better than USDA that i can go with please advise. I do have 5 - 7% to put down, depending on the property price but would prefer as little down as possible since i'm also going to need a car by k.alanswishers656898 from Ocean View, New Jersey. Oct 16th 2014 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 190 contributions

NO, Only 30 year option is available for USDA and USDA is property specific the property and you will need to qualify. Other option is FHA or Conventional both can be obtained with a low down payment. I can be reached toll free 800-485-1387 Ext. 116 or ballen@bankofengland1.com with questions or to apply.

Oct 16th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

USDA is only for 30yr. fixed rate mortgages, and the property your purchasing has to be within the USDA defined area. For Zero down, if you have VA benefits, then you can use VA financing with zero down. FHA requires 3.5% and conventional requires a minimum of 5% down. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 16th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Nope, sorry. USDA does not offer does not offer adjustable loans. USDA RURAL DEVELOPMENT loans are only for rural areas, and you must meet income requirements. If you meet the rural and income requirements, they are awesome loans. Providing USDA loans in MN, WI, and SD. www.MortgagesUnlimited.biz/usda

Oct 16th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Unfortunately the answer is no. USDA does have great 30-year fixed rates right now so if you choose that direction you will be getting a good loan. I would contact a local loan officer in the State you plan on moving and get all of your options available so you can choose the best loan for your needs. Best wishes, Sean

Oct 16th 2014
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