This is a type of home loan available to rural and suburban homebuyers, which requires zero down payment. Similar to FHA and VA-backed loans, the USDA guarantees the mortgage issued by the lender. Keep in mind that little or no money down will require you to pay a mortgage insurance premium.
Many areas in the United States surprisingly have USDA loan programs. Key benefits of USDA loans are:
- No down payment
- Low competitive rates
- Closing costs, legal fees and other prepaid fees included in the loan
- 100% financing
- Fixed rate terms to help keep payments consistent throughout the life of the loan
The payments will depend on your financial situation and the current market interest rates.
If you think you qualify, get in touch with one of our loan officers now!