Golden, CO USDA Mortgage Loans

Golden, Colorado USDA Mortgage Loans

What is a USDA Loan?

A USDA loan is a zero down residential mortgage program intended for rural areas in the United States. The purpose of the program is to encourage home ownership in rural areas with lower populations.

Great news! Some areas of Golden are eligible for USDA financing! Example of a Golden property below. Golden is a little tricky because a portion of the City is not eligible. For the most part, rural parts of Golden are eligible for USDA. Please contact us if you have any questions or would like to get approved. We do not have any application or credit report fees. Get pre-approved in less than 24 hours! 

golden usda eligible property

What are the benefits of a USDA loan?

• 100% No Money Down Home Loans. No need for down payment assistance or other grant programs.

• Very Competitive Interest Rates. More competitive than conventional loans.

• Backed and Secured by the Federal Government.

• Low Monthly Mortgage Insurance Compared to FHA or other Conventional Loans.

• Purchase and Refinance. Buy a new home or refinance your current home.

• Fixed secured loans – 30 year or 15 year fixed rate loans.

How to Qualify for a USDA Loan?

• Income limits are based on County. Golden is located in Jefferson County so household income needs to stay below these limits.

$103,350 Maximum Yearly Income for 1-4 person household

$136,400 Maximum Yearly Income for 5+ person household

• Credit Score must be 620+. No exceptions to this rule. We use the middle score of all borrowers applying for the mortgage. If you are unsure of what your credit score is, please reach out to us and we can access your credit report together.

• Must occupy the home as your primary residence. Cannot be used for investment property.

• Minimum Loan Amount $50,000 / No maximum Loan Amount – This means you can purchase any home above $50,000 as long as your income allows it. This can be very beneficial in Golden since property values tend to be higher. 


USDA Eligible Properties

• Single Family Homes

• New construction

• Duplex

• HUD approved Condos

• Town homes

• HUD approved Manufactured  homes / Must be on a permanent foundation

• No land loans. Must have a property in place.

• No Timeshares

Why choose us as your USDA lender? 

Low Mortgage Rates. We have some of the most competitive mortgage rates in the State.

Low Closing Costs. We do not charge origination or junk fees. 

• We are able to help cover your closing costs. Why is this important? Even though USDA is 100% financing, we still need to deal with closing costs. Closing costs can be covered by the seller but in some cases the seller will refuse. We have the ability to give you a lender credit to help pay for some or all your closing costs. This is done by giving you a lender credit in return for a slightly higher interest rate. In reality, our rates are so low that even if you want us to cover the closing costs and take a higher interest rate, we will still be extremely competitive compared to other major banks or Credit Unions.

• Local Denver lender familiar with State guidelines and mortgage programs. 

Eligibility links

Use the links below to see if you’re eligible for a USDA loan. You can also contact us and we can assist you with your questions and guide you through the process.

USDA Income Eligibility Calculator
USDA Property Eligibilty Map
Colorado USDA Website
USDA Fact Sheet

FHA Income Limits

USDA vs FHA vs Conventional(Which is better)

  1. FHA requires 3.5% down payment / USDA does not require a down payment.
  2. Although FHA and USDA rates are very similar, USDA has much lower monthly and upfront mortgage insurance. That means your monthly payment will be lower and you will pay a smaller upfront government fee. On a $200,000 home purchase, your USDA payment would be about $50 less. You would also save about $1500 in upfront mortgage insurance fees which will lower your closing costs.
  3. USDA loans do not have any maximum loan amounts. FHA loan amounts are limited based on individual counties.
  4. FHA loans do not have limitations on location but USDA is limited to USDA eligible areas only.
  5. USDA are more difficult to qualify for regarding income and credit. For example, we can do an FHA loan with a 580+ credit score but USDA requires 620+.
  6. USDA mortgage do have household income restrictions. FHA loans have no income limits.
  7. Conventional loans might offer better terms if buyer has a high credit score and large down payment(10%-20%+)

If you’re looking to buy a home in Golden, USDA may be a great option if your credit score is above 620 and you fall under the income limits. Give us a call if you have any other questions or would like to get approved before you start looking at homes.

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