Many first time buyers dream of the day they can afford to own their first home. Coming up with enough money for the down payment is often the primary obstacle for many first time buyers today. Even if that’s accomplished, other problems will start to arise like furnishings, monthly bills, transportation expenses and, worst of all, heavy mortgages.
USDA loans still offer buyers an avenue to purchase a home with no down payment and very little money out of pocket. The primary requirements borrowers today are that they have good credit, can property document income and live in a USDA rural approved eligible location.
A USDA loan has a lot of great advantages and we have listed some below:
1. NO Down Payment – 100% Home Loan
This is probably the best reason of all. 100% USDA Rural Housing financing give many prospective home buyers with limited savings a chance to purchase their first home.
2. Low Fixed Interest Rates
USDA 30 year fixed interest rates are currently near all-time historic lows. The USDA loan programs offer secure 30-year fix rates terms, no adjustable rate terms.
3. Easier credit requirements
This is ideal for individuals who had a few credit bumps in the past. Generally a bankruptcy and foreclosure waiting period is around four to five years. Current min required credit score is 620.
4. Many Locations Are Still Eligible
Don’t let the word “Rural” fool you, many locations today that may not appear to be rural in nature are still qualified for the USDA program. Borrowers can view the latest approved USDA property map here.
Buyers can learn more about USDA loans under the loan programs page above. Please call us to learn how to get approved today.