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USDA Loan

Get a rural or suburban home loan with $0 down.

Apply NowGet Preapproved

Or call 1-800-561-9433

USDA Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 5.750% 6.226% 0.000 $2,334.29 360

USDA Mortgage Rates effective as of December 10, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio, and other factors, and may be higher than those displayed here. Rates, closing costs, and points may vary by property location, loan type, and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price and base loan amount of $400,000, FICO® score of 780 or greater, and 0% or more down payment; USDA guarantee fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

USDA Loan

Making rural homeownership possible for those with lower incomes.

KEY FEATURES

  • Fixed-rate mortgage offered to rural property owners by the US Department of Agriculture
  • No down payment
  • Apply in 15-20 minutes! 

MAY BE A GOOD CHOICE IF

  • You are purchasing a property in a rural area (as defined by the USDA)
  • You meet income restrictions for your county—call us to learn more

Call for Rates 1-800-561-9433

So, what exactly is a USDA Loan?

A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. There is no maximum amount for a USDA Loan. Instead, it is set based on your ability to qualify for the loan.

To be eligible for a USDA Loan, you must meet certain income requirements and be purchasing a home in a qualified rural area. Specifically, your income must not exceed 115% of the media income in your area. You can find your state by following the link in the previous sentence. Other factors that will go into your eligibility are your credit score and your debt-to-income ratio.

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How does a USDA Loan compare to other Elements mortgage options?

The USDA Loan is available only for purchasing homes in rural areas for those under a certain income level. See other differences in the chart.

  USDA Loan Fixed-Rate Mortgage Adjustable Rate Mortgage FHA Loan
Key Benefits

No down payment

Predictable payments

No interest-rate surprises

Lowest short-term rates

Initial lower monthly payments

Low down payment

Government-backed

A Good Option If You

Are purchasing a property in a rural area

Meet income restrictions for your county

Want your rate and payments to stay same for life of loan

Plan to stay in your home for several years

Are comfortable with rate and payments fixed at first, then adjusting later

Don't plan to stay in the home long

Do not have a substantial down payment saved

Have less than perfect credit or limited credit history

Available Loan Terms

Purchase:

30 years

Purchase & Refinance:

5, 7, 10, 15, 20, and 30 years

Purchase & Refinance:

5/5 ARM 30 year and 7/6 ARM 30 year. Please call for information about other ARM products and terms.

Purchase & Refinance:

15 and 30 years

Interest Rate As Low As

Purchase: 5.750% for 30-Year Fixed

Purchase: 6.000% for 15-Year Fixed

Refinance: 6.375% for 15-Year Fixed

Purchase: 6.625% for 3/6 ARM 30-Year

Refinance: 7.125% for 3/6 ARM 30-Year

Purchase: 5.750% for 30-Year Fixed

Refinance: 5.750% for 30-Year Fixed

APR As Low As

Purchase: 6.226% for 30-Year Fixed1

Purchase: 6.065% for 15-Year Fixed2

Refinance: 6.440% for 15-Year Fixed2

Purchase: 7.399% for 3/6 ARM 30-Year3 

Refinance: 7.532% for 3/6 ARM 30-Year3 

Purchase: 6.502% for 30-Year Fixed4

Refinance: 6.502% for 30-Year Fixed5

No Points
No Mortgage Insurance (PMI)
Down Payment $0 As low as 5% of purchase price As low as 10% of purchase price As low as 3.5% of purchase price
Loan Limits
Special Feature Offered by the U.S. Department of Agriculture (USDA) Backed by the Federal Housing Administration (FHA)

Is the down payment really $0?

Yes, that is correct. If you qualify for a USDA Loan, you do not need to have a down payment. The loan, instead, will be for the full purchase price.

What fees and closing costs should I expect?

The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.

Lender Fees

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $995 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Should I get preapproved?

Yes, it helps you as you shop for a home. Call us at 1-800-561-9433 to see if you can be pre-approved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a loan, and to see how much of a loan you can afford. The preapproval will also give you some leverage when negotiating with the sellers.

Get Preapproved

What happens during the mortgage application process?

Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. 

After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work.

Closing

Once your loan has been approved, your closing will be scheduled at a location convenient for you. That's it — your USDA Loan is complete! Application to closing takes an average of 30 days.

Apply Now

Why should I go to Elements for my mortgage?

Like a Bank, Only Better!

Personal Loan Guidance

Buying a home can be a bit overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the USDA Loan process, from preapproval all the way to closing. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator6 to guide you through the entire loan process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally7. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I apply?

3 Easy Steps to Apply

  1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

Apply NowGet Preapproved

How is my mortgage payment calculated?

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment.

Insurance

Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. 

Private Mortgage Insurance (PMI) can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan. PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance.

What Would My Mortgage Payments Be?

Mortgage Calculator

Results

Principal and Interest $____
Property Tax* $____
Home Insurance* $____
Mortgage Insurance* $____

* Estimates based on national averages.

  1. 1 USDA Mortgage Rates effective as of December 10, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio, and other factors, and may be higher than those displayed here. Rates, closing costs, and points may vary by property location, loan type, and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price and base loan amount of $400,000, FICO® score of 780 or greater, and 0% or more down payment; USDA guarantee fee is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  2. 2 Fixed Rates effective as of December 10, 2024.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.
  3. 3 Adjustable Rates effective as of December 10, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.
  4. 4 FHA Mortgage Rates effective as of December 10, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio, and other factors, and may be higher than those displayed here. Rates, closing costs, and points may vary by property location, loan type, and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, and 3.5% or more down payment, and loan amount of $386,000; FHA mortgage insurance premium is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  5. 5 FHA Mortgage Rates effective as of December 10, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a property value of $400,000, FICO® score of 780 or greater, and 3.5% or more equity, and loan amount of $386,000; FHA mortgage insurance premium is excluded, and they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.
  6. 6 Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Lindsey Badanek 724103, David Bedwell 553005, Cynthia Bell 427359, Nyla Bivens 1128100, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Miesha Brooks 1916521, Dawn Michelle Bruce 899516, John Bugbee 581674, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Shane Clark 2253719, Brooklynn Coop 2416469, Kaylee Cooper-Sweeting 2552218, Mary Ann Deckard 1259646, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Jody Gray 2320767, Robert Goodwin 975067, Abigail Hall 1469114, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Christopher Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Brooklynn King 2311546, Sara Keedy 1512646, Sean Kiely 425511, Marsha King 1175846 Mitch Kooi 2671508, Brittnie Kreuzman 2433042, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Kristy Mars 609725, Beverly Marshall 444941, Elizabeth McGovern 2313054, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Amber D Murphy 1082684, Constance Nelson 975071, Shari Peek 1623439, Janene Petree 1529353, Kim Purkhiser 1313210, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Tim Sallee 1192774, Darlene Rogers 2266067, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Jessica Siegman-Bradford 1454706, Brad Smith 906855, Amy Lynn Stokes 1387213, Paulette Stull 1487007, Ann Sukup 2511201, Barbara Swabb 2357040, Brent Tedford 1892880, Bradley Thompson 609732, Rhonda Weaver 2213627
  7. 7 Based on asset size as of 12/31/2022.