The USDA Rural Housing program has several benefits for homebuyers in the rural areas of America. In recent years this program has grown substantially, making it possible for millions of families to purchase their dream home. No PMI (Private Mortgage Interest), no requirement of a down payment, 100% financing, and low interest rates are just a few of the benefits The USDA Rural Housing Mortgage Program offers to those who qualify.
PMI (Private Mortgage Interest) is a requirement on conventional mortgages if you do not have at least 20% for your down payment. This is in addition to your regular monthly mortgage payment. Since this is not a requirement of The USDA Rural Housing Mortgage Program, it gives you the ability to qualify for a larger mortgage loan, as well as keeping your monthly mortgage payment lower.
Without a requirement of any sort of down payment (not including the usual closing costs), The USDA Rural Housing Mortgage Program gives you a chance to save their money for home improvements and put it toward other items you may desire for your new home.
Low interest rates are still an option for you with The USDA Rural Housing Mortgage Program, even with 100% financing. This saves you thousands of dollars throughout the life of the loan. In most situations (depending on your situation), interest rates are not too much more than .5% of conventional loans. Call today to speak with one of our USDA loan specialists to help get you the home you’ve always wanted!