USDA loans are loans that help lower income and lower credit borrowers purchase a home. (Borrowers looking into a USDA cannot purchase a home in a metropolitan area, the property must be in the county or rural area.)
Benefits of a USDA Loan
Borrowers utilizing the USDA program can purchase a home with no down payment. If they have credit scores below the “standard” conventional requirement, often times they will be accepted with the USDA program.
When to Choose a USDA Loan
Many first time home buyers or buyers with lower income look to purchase with a USDA loan.
Common Questions about USDA Loans
Is a USDA loan hard to get?
No, it does involve a lot of documentation but for the borrowers that don’t have the funds for a down payment it is a good product.
Do I have to be a first time home buyer to get a USDA loan?
No, you don’t have to be a first time home buyer BUT you must qualify with the income limits and the property must be in an approved USDA area. Give us a call and we can check both income and property eligibility.