What Is a USDA Loan?
A USDA Rural Development loan is a home loan option available to borrowers seeking to buy or refinance a home in a rural location. They are available to many eligible primary homebuyers with low to moderate income or limited funds for down payments.
USDA Loans Are Great for Homebuyers Who:
- Want to purchase their first home
- Are repeat homebuyers
- Have low to moderate income (for their area)
- Do not have money to put towards a down payment
- Want to purchase a home or refinance an existing home in a rural location (as defined by the USDA)
Advantages of USDA Loans:
- No down payment required
- Minimum cash needed to close
- Easy qualification
- Not limited to first-time homebuyers
- Available in certain geographic areas
- Available for purchase or refinance
With the requirements for a USDA loan being very specific, we can help you navigate their guidelines and determine your eligibility. The home’s location, your income, credit history, and number of dependents will determine your eligibility for a USDA loan.
Is a USDA loan right for you?
Contact your local HOMESTAR Mortgage Loan Originator today to learn more about the benefits of USDA loans and the areas that meet the rural designation criteria.