What is a USDA mortgage?
USDA loans are made by private lenders like Drummond, but regulated and guaranteed by the U.S. Department of Agriculture. A USDA mortgage offers an option for no down payment and competitive interest rates to eligible rural and suburban homebuyers. Click "apply now" to start our quick 1-2-3 step process for approval on a USDA mortgage.
Get pre-qualified for an FHA home loan
Our experience is that pre-qualifying for a mortgage is of great benefit. Not only will it speed up your process, but it will also help you understand in advance how much of a house you can afford. And, you can demonstrate confidence in your ability to obtain financing. Both of these aspects can greatly assist in your negotiation process.
Get a USDA loan in North Florida!
At Drummond Community Bank, our mission is simple. We strive to provide you with the very best banking services and sound business decisions all while giving back to the Florida communities we serve. To you we may just be a bank, but we’re a bank that wants to help you and your money grow. Apply online for a USDA loan in North Florida or visit one of our branch locations in Archer, Bronson, Cedar Key, Chiefland, Cross City, Crystal River, Fort White, Gainesville, Herhando, Inglis, Lake City, Mayo, Ocala, Old Town, Trenton, and Williston!
Need Help Deciding?
If it’s your first time applying for a mortgage, or you’re unsure which option is right for you, we can help. The key to making a smart financial decision begins with understanding the benefits of each product and determining which one meets your goals. Give us a call or visit your nearest Drummond branch.
USDA Loan Requirements and Benefits
- 30-year fixed rate only
- For primary residence only
- Gift funds from relatives allowed for closing costs
- Seller concessions up to 6% toward closing costs
- Income, property eligibility requirements
Other Drummond Home Mortgage Solutions:
- Conventional Mortgages: Can be used for a primary residence, second home, investment property, or construction-to-permanent loans.
- VA Mortgage: Up to 100% financing for eligible servicemembers and veterans.
- FHA: For primary residence only. Gift funds permitted for down payment. May use seller concessions up to 6% toward closing costs.
Frequently Asked Questions:
What are the cons of a USDA Loan?
If you meet the geographical and income limits to qualify for a USDA loan, it can be a great option. However, USDA loans can only be used to purchase a primary residence. There is also a mortgage insurance cost.
What do I need to apply for a mortgage?
To start applying, we recommend you have the following information on hand:
- A separate email address for each person that will be on the loan
- Details(bank statements) about how much money is in each account you would like us to consider for your approval
- Your income and employer information
- Your social security number
- A valid drivers license
What can a USDA loan be used for?
In addition to purchasing a primary residence, USDA loans can also be used to build a home or renovate the home you already live in.
What credit score do I need for a USDA loan?
While there is no fixed credit score minimum from the USDA, 640 is generally the lowest you can go to still qualify for approval.
What is the best place to get a USDA loan from?
At Drummond Community Bank, we are proud to bring you the best possible mortgage loan terms and features such as fast loan approval, flexible loan terms, competitive rates, and a convenient online application.

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