Pacific NW Federal Credit Union

To qualify for a USDA mortgage:

• The property you want to buy needs to be located in a certain rural area. 
• Your income needs to be in a certain range based on where you live. 
• A credit score of 640 or higher is a good score to aim for.

You can check your income eligibility and property eligibility on the USDA website.

A USDA loan doesn’t require a down payment! You can get financing for 100% of your mortgage, though you may need to pay some closing costs upfront.

USDA closing costs can be rolled into your loan if the appraised value is higher than the selling price. If the appraised value of your home isn’t more than the selling price, then you may need to pay closing costs upfront. 

Generally, closing costs may equal 3% to 6% of the purchase price. With USDA loans, the seller is allowed to pay up to 6% of your closing costs.

These fees can include:

• Mortgage origination fee
• Appraisal fee
• Title insurance
• Escrow fee for an account to pass funds between buyer and seller
• Recording fee to update public records
• Taxes and insurance

Your interest rate and annual percentage rate (APR)* will be based on your credit score. Higher scores get lower rates. You may also get a lower rate with a shorter term.

With USDA loans, you will get a competitive fixed rate. Adjustable-rate mortgages (ARMs) are not available.

Both our online and mobile banking app products allow our members to view your FICO^® score for free. The score updates quarterly, and viewing your FICO^® Score will not impact it.

*FICO^® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

PNWFCU is a member-owned not-for-profit. What that means for our members is that by banking with us, they belong to a financial institution that takes a personal interest in them.

PNWFCU members can improve their financial knowledge through access to a variety of tools and resources, from our online financial education modules to our wealth management services.

Members can also apply for debt consolidation loans, allowing them to simplify their existing loan payments.

You’ll need to supply a comprehensive picture of your overall financial situation. As a result, you may need to provide prior-year tax returns, 1099s, W-2s, bank statements and more. 

If applicable, you will need to supply evidence of any gifts, grants or other sources of funds for your down payment and closing costs.