USDA Loan Program
What is the USDA Program? How can you qualify for the USDA loan program? Where can you find more information about the program and how to get started? Learn more below.
What is the USDA loan program?
The USDA loan program is primarily available to rural homebuyers seeking a single-family home. With cost of living increasing across the board in nearly every major city in the country, the appeal of rural and suburban life is becoming more and more alluring to many urbanites. The intention of the USDA Loan Program is to provide attractively low rates to homebuyers that are impossible to find within city limits. Though this is a government program, the government is not the direct lender – the loan is given through local partners like US Mortgages.
As the local population continues to increase, and home & rent costs skyrocket, the benefits of the USDA loan program are very apparent. USDA loan applicable properties do not require a down payment, and allow the property to be purchased for no money down. Credit requirements on USDA loans are much more flexible than more traditional mortgages, further removing restrictions on first time buyers who may have subpar credit. With these loans, you and your family can easily purchase a rural or suburban home as a stable foundation to grow.
How can you qualify for the USDA loan program?
Qualifying for the USDA loan program is primarily an issue of location of your property. Rules, regulations, and qualifications can vary between locations, we recommend looking at United States Department of Agriculture Rural Development for specifics on what locations have USDA loans available. Properties are generally smaller than 2,000 sq. ft., and must be used as the homeowner's primary residence. Income limits vary depending on county and the number of people in your household. The purpose of these loans is to allow low and moderate-income households to own safe and modest homes as their primary residence.
About US Mortgages
US Mortgages has been helping people own their homes since 1996. Let us know how to reach out to you, or give us a call to let us begin improving your family's financial situation with a USDA loan today.