USDA Loans
USDA Loans are designed to provide affordable homeownership opportunities to low to moderate-income households to stimulate economic growth in rural and suburban communities.
WHAT DOES THAT MEAN FOR YOU?
USDA Loans offer great benefits such as $0 Down Payment, Competitive Interest Rates, Low Monthly Mortgage Insurance and Flexible Credit Guidelines
To be eligible for USDA Loan guidelines require:
U.S. citizenship or legal permanent resident (i.e. U.S. non-citizen national or qualified alien)
Ability to prove creditworthiness
Stable and dependable income
A willingness to repay the mortgage - generally 12 months of no late payments or collections
Adjusted household income is equal to or less than 115% of the area median income
Property serves as the primary residence and is located in a qualified rural area
Lenders may have their own internal guidelines and requirements in addition to those set by the USDA's Rural Development program.