What are USDA Loans?
A USDA loan can put affordable homeownership within reach for people who want to live outside major metropolitan areas.
Advantages:
- No down payment required
- No first-time homebuyer requirement
- Good solution for homebuyers with limited or moderate incomes (borrowers must meet income limits)
- Flexible credit qualification criteria
- Lower interest rates than conventional loans
- Lower mortgage insurance costs than FHA loans
- Allows the seller or gift funds to cover closing costs
- Easy to refinance an existing USDA loan, even with reduced home value
USDA requires the property being financed to be a designated rural area. Some suburban communities could qualify. Contact us to learn more!