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Low Rates & $0 Down
Better Terms than FHA
Not a Farmer’s Loan
What is a USDA Home Loan ?
The USDA Loan is a home-mortgage option available to rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA)
USDA Home Loans, also referred to as the USDA Rural Development Guaranteed Housing Loan and the Section 502 Guaranteed Loan , are particularly favorable to those living in rural or low-income areas. USDA Loan offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.
USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.
$0 Down, 100% Financing
USDA Loans are one of the last $0 down mortgages with 100 percent financing, resulting in low out-of-pocket costs and one of the most desirable loan programs.
More Homes Now Qualify
The USDA’s definition of “rural” is largely liberal – meaning many in small towns, suburbs and exurbs of major U.S. cities meet the “rural” requirement.
The USDA has desinged the USDA Loan to provide homebuyers with lenient eligibility requirements that help low to moderate income families purchase a home.
USDA mortgage rates are often lower than comparable conventional 30-year fixed mortgage rates resulting in a better deal as compared to FHA or conventional loans.
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Basic Eligibility Requirements
- Homebuyers should show intent to repay the loan
- Homes purchased with a USDA Loan must be used as the primary residence
- Credit history should be in good standing
- Homebuyers should show a history of receiving stable income
USDA Loan Eligibility
USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.
Frequently Asked USDA Loan Questions
WeвЂ™ve helped thousands of families learn about the USDA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 877-701-8732.
Every homebuyer interested in a USDA Loan should speak with an approved USDA Home Loan lender to determine if they qualify. To do this, fill out the form above or call 877-701-8732 and speak with a USDA Loan specialist.
The USDA started this program to help those in rural areas achieve affordable home financing. With this being the case, the USDA wants to ensure those with the greatest need are served by limiting eligible properties to those that are located in rural, or suburban, communities. Additionally, the USDA Home Loan is only for primary residences вЂ“ meaning rental properties and vacation homes are not eligible.
USDA Loans feature no down payment and lower mortgage insurance costs than both FHA and conventional options – saving homebuyers monthly, as well as out-of-pocket costs.
Using a USDA Loan?
USDALoans.com was established in 2008 with one goal in mind – make the public aware of the benefits and advantages of the USDA Loan program. USDALoans.com has been recognized as a top USDA Home Loan provider and serves potential homeowners across the nation interested in $0 down, 100 percent mortgage financing.
USDA Loan Overview
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1810 Watermill Dr. Brandon, FL 33511
USDALoans.com does NOT act as a lender, credit provider or mortgage broker and is not affiliated with any governmental agency. USDALoans.com is compensated to provide marketing services for a network of licensed mortgage lenders, brokers and mortgage loan originators. One or more of these Participating Lenders will contact you with additional information regarding your request. For a full list of Participating Lenders Click here. By submitting your information you have agreed that your information will be provided to a Participating Lender who will contact you, but does not mean you will qualify for a USDA loan. USDALoans.com will not accept charge or seek fees of any kind from you.
USDALoans.com does not distribute mortgage products and any terms or conditions will be offered by the USDALoans.com participating lender that you choose as a consumer. Please note that USDALoans.com is not available in Arizona, New York or Virginia or to borrowers in those states.
USDALoans.com participating lender for this search is Luxury Mortgage Corp. NMLS ID #2745. To view this participating lenders licensing click here.
For a full list of participating lenders click here.