What is a USDA Loan?
The United States Department of Agriculture developed this mortgage option to improve the economy and quality of life in rural America by encouraging the purchasing of rural land. USDA loans are issued through the USDA Rural Development Guaranteed Housing Loan Program, and you might be surprised how feasible it is to qualify for one beyond what most would consider “farmland”.
Why would a USDA Loan be the best choice for you?
Availability – Contrary to their name, USDA Rural Development home loans aren’t exclusively for agricultural areas, or even for places far out in the country.
No Down Payments – A USDA loan is one of the only loan programs offered to the general public that allows you to finance 100% of your home’s value. That means no down payment of any kind!
Rolled-in Closing Costs – A USDA loan is the only loan type on the market that allows you to finance in your closing costs up to the appraised value.
Long-Term Stability – For income-qualified borrowers, USDA’s provide competitive Fixed Interest Rates at Affordable 30-Year Terms.