USDA Loans
If you're interested in purchasing a home in a rural area with no money down, a USDA home loan may be right for you; they're not just for farmers!
A USDA home loan is guaranteed by the United States Department of Agriculture and is designed to provide benefits to those looking to settle in a rural community. A USDA home loan features easier qualifications and offers eligible buyers more flexible financing options when compared to conventional loans. Some benefits for qualified borrowers include:
- no down payment required. You can finance 100 percent of the appraised value of an eligible home
- no required mortgage insurance
- competitive 30-year loan terms
- less stringent credit requirements compared to conventional home loans
- renovation costs can be included in the loan
If you are interested in purchasing a home as your primary residence in an eligible rural area you may qualify for a USDA home loan. These loans are designed to help low to moderate income families and individuals and as therefore have certain income restrictions. To see if your desired home is in an eligible rural area and if you qualify, please contact one of our mortgage consultants.
