What makes a USDA loan desirable is they are ZERO down, LOW interest rate mortgages. The United States Department of Agriculture guarantees the loans. They help very low-to-moderate income buyers become homeowners. The home must be in a rural area, which the USDA defines as having a population under 35,000. There are also a few suburban areas that meet the USDA criteria.
To qualify for a USDA loan, you:
- Do not have to be a first-time homebuyer
- Do not have to be employed in the agricultural industry, even though the Department of Agriculture backs the loans
- Must be a U.S. citizen or an eligible noncitizen (permanent resident)
More related readings you might like:
- Fixed Interest Rate Loan
- Jumbo Loan
- No Income Verification Loan
- Rate-and-Term Refinance
- Reverse Mortgage
- Home Purchase Loan
- How to buy smart a home today – Modern solutions for modern times.
- Which loan is right for YOU in todays markets?
- How foreign nationals loan program helps non-citizen borrowers and gives them the opportunity to invest in real estate in the United States.
- Refinancing – How to secure a better rate and term or get a cash out on your home equity today.