It's a common misconception that USDA loans are only available to farmers. Give us a chance to brief you on USDA loans and show you how to make the most of their advantages.
Government of the United States Department of Agriculture (USDA) loans are available to promote rural area development and growth. In the past, they were only seen as useful by farmers.
However, the program has recently been expanded to provide more people looking to buy or refinance in a rural area with access to the incredible benefits offered by these loans.
Program guidelines are specific, but don't let that stop you from homebuying. Our USDA loan expert will help you navigate the process and determine eligibility.
USDA-defined rural property must be purchased. Owner-occupied only. USDA loans don't cover investment or vacation properties.
You must meet the income requirements of the county in which the property is located. The USDA has set a maximum income limit for each county.
This maximum income limit is determined by the county's cost of living, median income, and other economic characteristics.
USDA Loan Advantages USDA loans have several distinct advantages that set them apart from traditional home loans. USDA loans do not require a down payment.
As a result, qualified individuals can finance up to 100% of the total purchase price of the home. As a result, they are among the more desirable loans available to homeowners.
These loans are intended to assist families who do not have adequate housing to finance the purchase of a rural home.
Mortgage payments, including insurance and taxes, must be affordable. Application process includes credit score.