USDA Home Loans
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WHAT IS A USDA HOME LOAN?
USDA stands for the U.S. Department of Agriculture. USDA home loans are mortgages backed by the USDA that are designed for rural home buyers. USDA home loans did not begin until 1991 with the Single Family Housing Guaranteed Loan Program. This home program has helped 1.5 million Americans live out the American dream with the purchase of a new home.
HOW DOES A USDA HOME LOAN WORK?
USDA home loans are backed by lenders who have been approved by the federal government to participate in this program. There are three main types of USDA loans: loan guarantees, direct loans, and home improvement loans. Some of these loans you can receive with no down payment and get extremely low interest rates.
WHO QUALIFIES FOR A USDA HOME LOAN?
To qualify for a USDA home loan, your home must be owner-occupied, and you must be a U.S. citizen or have permanent residency. You must show a dependable source of income and have a mortgage payment that will be 29% or less of your monthly income. Potential home buyers with a rocky credit history may still qualify. These mortgages are designed to be for those who cannot afford a traditional mortgage.
CONTACT THE MORTGAGE STORE TODAY
The Mortgage Store has decades of experience helping homeowners receive the perfect mortgage for them. We specialize in residential home mortgages, from USDA home loans to VA loans, FHA loans, adjustable mortgages, and more, which allows us to focus all of our attention on those looking for their dream homes. Our team gets to know you, what you are looking for in a mortgage, and then finds the best terms and mortgage interest rates for you. To learn more, contact us, or simply apply online today!