The USDA Loan program, also known as the Rural Development Guaranteed Housing Loan Program, are mortgages backed by the U.S. Department of Agriculture and offer qualifying low-to-moderate income borrowers the option of no down payment when they buy in a designated rural area. USDA Loans also offer flexible guidelines to eligible applicants.
Why Choose USDA Loans?
The USDA Loan option is unique in that it is specifically designed for buying in rural areas. Rural areas include small towns and suburbs, and almost 97% of the U.S. is eligible. Intended to encourage home buying in less-populated areas, USDA Loans aim to help create thriving communities and improve the quality of life in rural areas.
USDA Loans offer 100% financing solutions, so if you don’t have a downpayment and are shopping in a rural area this may be the best program for you. In order to qualify the household income must be under the median for the county you are looking at.