What is A USDA Loan?
In 1991 the U.S. Department of Agriculture (USDA) started offering rural development loans to encourage homebuyers to live in rural and suburban areas. The USDA did this to promote growth and boost the local economies of these areas by making land and property more affordable.
For the borrowers that meet USDA loans requirement, they offer many benefits paired with relatively lenient approval requirements. Government backed and insured they offer:
- NO money down
- Low interest rates
- 30 year fixed rates
- Government guaranteed
- You have the ability to roll in your closing costs into the loan
- Flexible credit guidelines
So if you want to live in a suburban or rural area – generally with a population of 20,000 or less then a USDA loan may be your answer to owning your new home secondly each county has specific income limits that determine USDA Eligibility, and your current income must not exceed the limit set for that county. Our USDA loan experts can help you find out if you are eligible Call now on 1-866-854-4242.