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USDA Loans
What is a USDA Loan?
The Rural Housing Program of the U.S. Department of Agriculture provides low- and moderate-income households in qualifying rural areas with the chance to own suitable, modest, decent, safe, and hygienic primary housing. It is available to qualified buyers of homes in suburban and rural areas for 100% financing without a down payment.
How it Works
USDA Rural Home Loans are intended for borrowers who buy homes in communities with fewer than 20,000 residents or in specific other USDA-designated areas. They are offered through licensed lenders.
Benefits of USDA Rural Home Loans Include
- Comparatively low interest rates.
- Loans up to the whole value of the asset.
- Lower monthly premiums for mortgage insurance.
- There is no down payment needed.
- Payment for closing costs may come from any source.
- Simple qualifying requirements.
- Not just for those purchasing a first house.
Eligibility Requirements
Applicants must fulfill several standards to be eligible for USDA Rural Home Loans. Applicants need to:
- Fulfill the income requirements (see Income Limits)
- They accept living there as their primary abode on a personal basis.
- Hold the status of a qualified alien, U.S. citizen, or non-citizen national.
- Possess the ability to repay the loan legally
- Have not been suspended or debarred from participation in federal programs
- Show that you are prepared to fulfill your credit commitments on schedule.
- Invest in a property that satisfies all program requirements.
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