Within the United States Department of Agriculture (USDA), there are two different home loan programs: The USDA Guaranteed Rural Home Loan and USDA Direct Home Loan. USDA Guaranteed provides low and moderate income rural residents with better access to affordable housing finance options with little or no down payment or out-of-pocket costs. USDA Direct offers loans to very low and low income families.
Features of USDA loans:
- Owner-occupied primary residence financing up to 100% loan to value
- Property must be located in an eligible rural area and borrower cannot be eligible for conventional financing
- 30 year fixed rate program is the only option
Benefits of USDA loans:
- USDA loans provide higher loan to value limits than FHA or Conventional loans
- No down payment required on purchase transactions
- Lower credit and underwriting guidelines than conventional mortgage
- No asset limit or reserves minimum
- USDA loans provide options to finance closing costs and prepaid items into the loan up to the appraised value of the subject property
Call (888) 515-6048 to speak with a licensed mortgage professional or complete the fast quote form now.
When it comes to getting a mortgage
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