Promoting Prosperity in Rural Areas
PenAir offers financing through the USDA’s Single Family Housing Guaranteed Loan Program for low- or moderate- income borrowers in rural areas.
No down payment required.
Competitive interest rates
Flexible credit guidelines
Loan terms from 10 to 30 years
Reduced mortgage insurance
Compare loan types, rates and terms
Review your mortgage choices, play around with PenAir’s mortgage calculators, and even contact a PenAir Mortgage Expert to find the best option for you.
Apply for your loan
It’s a lot easier than you might think. Our online loan application is a fast and easy way to get your mortgage loan process started.
Provide supporting documents
We provide secure online and offline options to send required documents to our underwriters. We know this is the boring part, but our Mortgage Team will make it as easy as possible.
Get your pre-approval
This step lets you know what your approvable purchase and finance amount is, the rate and potential monthly payment for that amount. Let the house hunt begin.
Lock in your rate and get final approval
If you are refinancing, this step can take place right after pre-approval. For a home purchase, the loan will move toward closing once once you have had an offer accepted and the property details are submitted to our team.
Review final loan documents
Once we have the required property information in hand and other document requirements have been met, we can generate the final loan documents for review before setting a closing date.
Close on your new home
Now for the fun part. Once a closing date is set, loan documents will be delivered to the closing agent for signing and financial transactions will be coordinated to complete the process. And just like that — you’re home.
Borrowers must make monthly payments unless the loan documents specify other repayment terms. The borrower’s scheduled payment consists of principal, interest, taxes, and insurance (PITI) for borrowers who have an escrow account, and principal and interest (PI) only for borrowers who do not have an escrow account.
USDA loans are available for a 30-year term. Currently, USDA loans do not offer a hybrid or adjustable-rate mortgage (ARM).