What is a USDA Loan?
The rural housing loan is a federal loan program that is used to help low income borrowers to purchase homes in rural areas. USDA Loans are for non-farm homeowners in rural areas and are also for rural housing development.
The United States Department of Agriculture’s (USDA) Rural Housing Service guarantees loans up to 100% financing for qualified customers living in rural areas around the country.
USDA Home Loan Benefits:
- 100% Financing Available – No down payment required.
- Low monthly mortgage insurance – you may qualify for a larger loan.
- Flexible credit and qualifying guidelines.
- No maximum purchase price limit.
- Closing costs can come from any source, including gifts.
- Repairs and improvements can be included in the loan.
- Competitive fixed 30-year rates.
- 100% financing options available
- Thin or alternate credit allowed
USDA loans are granted based on the following:
- Property eligibility: Homes must be located in an eligible area.
- Borrower’s income eligibility: Borrower’s household income meets program guidelines
- Acceptable credit history: Borrower’s credit history should reflect a willingness to meet financial obligations.
- Public records and/or collections do not automatically negate a borrower from a USDA loan, but additional documentation will be required.
How We Can Help
If you don’t qualify for a conventional home loan, and are considering a home purchase in a rural area, it pays to talk to me as a USDA Rural Home Loan expert. Advantages of working with Vic:
- We can help you explore the advantages of this type of loan.
- We are a direct lender with in-house underwriting for faster, more efficient customer service.
- We’ve helped thousands of people achieve their refinancing and home buying dreams.
- We are able to approve and close loans rapidly because of our extensive experience and expertise with loans.
Contact us at 1-866-309-0013 to learn more about our USDA rural development loans and find out whether the program is right for you.
