Is a USDA Loan Right For You?

People are often overwhelmed by the many different types of loans available today. Are you contemplating buying a property? If you have an idea of what you are looking for and your desired price range, consider a USDA Loan.

USDA Loans are supported by the United States Department of Agriculture. In the past this type of loan was referred to as a “farmer’s loan.” However, contrary to what many people may think, this loan is not just for farmers. This Loan is only used for homes purchased in rural areas. Note that some homes are considered rural even when the population is 10,000 or less. In some cases home ins cities with a population of 10,000 to 25,000 are also eligible.

Benefits to USDA Loan applicants:
• No Down payment required
• 30-year Fixed Rate Mortgages (low rates)
• Loans may cover up to 100% of appraisal

Are you eligible for a USDA Loan?
• Must be U.S. citizen, or legally permitted resident
• Adjusted annual income less than limit established by United States Dept. of Agriculture
• Have average credit history (provides proof of repayments)

Why is a USDA Loan right for me?
• Provide an opportunity for individuals who do not have a high credit score, but show capability to make payments.
• No mortgage insurance payment each month
• No down payment which can save you money for home renovations and improvements.

Take advantage now of the benefits available for USDA Loans and finally settle into the dream home you have been looking for.