The United States Department of Agriculture, or USDA, has developed a home loan guarantee program, aimed towards fostering rural development and helping qualified borrowers obtain mortgages in rural areas. With its many benefits and easier qualifications, USDA loans are a viable option for many people, including low-income families who may not otherwise be able to afford a home.
It is important to note that USDA loans were not exclusively designed for single-family housing. The loans may be applied to new homes; pre-existing homes; condominiums; townhouses; land and the cost of building a home; commercial property; and farms and equipment.
While there are many benefits of USDA loans, there are also certain criteria you must meet in order to be eligible, including location of the house, household income, credit history, and number of dependents claimed.
The team at mortgage is well-versed in USDA guidelines, so speaking with one of our loan officers will help you get on the right track. You may also visit the USDA website to find houses located in eligible rural areas defined by the USDA.