USA Mortgage is a licensed mortgage lender based in St. Louis, Missouri. USA Mortgage appears to offer a wide variety of mortgage financing options, including FHA, VA, USDA, Conventional, Jumbo, and reverse mortgage financing.
FHA mortgages are written and funded by private lenders like USA Mortgage, but insured by the Federal Housing Administration. FHA financing is a great option for first-time homebuyers because the minimum down payment is typically 3.5% of the purchase price. FHA is also great for mortgage borrowers who have bruised credit and have difficulty qualifying for a conventional loan.
FHA financing requires mortgage insurance on all loans, regardless of down payment/loan-to-value.
There are a variety of FHA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
VA financing is for veterans. VA mortgages are written and funded by private lenders, but backed by the Veterans Administration. VA loans are a great option for eligible homebuyers because the minimum down payment is 0% of the purchase price and mortgage insurance is never required. The credit and income requirements to get a VA loan are often more flexible than for conventional loans.
There are a variety of VA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
Conventional loans are the most common type of mortgage financing. Conventional loans are written and funded by private lenders like USA Mortgage, but they’re not backed by the federal government like FHA and VA loans. The minimum down payment for a conventional loan is typically 5% to 10% of the purchase price with private mortgage insurance.
There are a wide variety of conventional products available, including 30-year fixed, 15-year fixed, 10-year fixed, and various adjustable-rate mortgages.
A USDA loan is a type of mortgage that’s backed by the United States Department of Agriculture. It’s designed to help people in rural areas buy homes by offering low interest rates and more flexible requirements than some other types of mortgage financing. The idea is to boost rural development by making homeownership more accessible to rural homeowners.
To qualify, the property you’re looking to buy has to be in an eligible rural area. There are other qualifications as well, but USDA loans tend to be easier to qualify for than conventional financing.
Jumbo mortgages are a form of conventional financing designed for higher home values and borrowers who intend to borrow more than the conforming loan limit.
There are a wide variety of jumbo products available, including 30-year fixed, 15-year fixed, and various adjustable-rate mortgages.
A reverse mortgage is a unique home loan designed to give homeowners 62 and older access to their home equity with no mortgage payments and without giving up ownership of their homes.
The most popular reverse mortgage in America is the FHA-insured home equity conversion mortgage, or HECM. HECM reverse mortgages can be used to purchase a home or extract equity from a home you already live in and own.
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If you’d like to reach out to USA Mortgage to explore your mortgage financing options, you can reach them at the contact information on this page.
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