What is a USDA Loan?
USDA loans are home loans guaranteed by the US Department of Agriculture that create uniquely favorable terms for eligible first time home buyers.
Why should I get a USDA Rural Development Loan?
If you have trouble making a traditional down payment on a new home, have a moderate family income, a USDA loan can help you achieve affordable homeownership.
Am I eligible for a USDA Rural Development Loan?
You must be a U.S. citizen, permanent resident, or qualified alien. The home you purchase must be used as your primary residence and be located in a qualified rural area.
USDA Loan Benefits
- Gift Funds are allowed
- 100% financing available
- Possible financing of closing costs and repairs
- No monthly mortgage insurance
- 30-year fixed interest at competitive rates
- No monthly service fee
- Unlimited Seller paid closing costs
- Flexible credit requirements and qualifying guidelines
- No maximum purchase price limit
- Available for self-employed applicants
- Not limited to first-time homebuyers or “farmers.” Millions qualify.
- Moderate income families can qualify with easier credit terms
- Open to U.S. citizens, permanent residents, and qualified aliens
- Loans are guaranteed by the USDA, so lenders feel secure