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The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair or renovate a home in a rural area. One of the popular types of loans is: the single family guaranteed homeownership loan, this guide will help you figure out what these loans are and whether you qualify.
Though the terms and details of these loans differ, all offer very low effective interest rates and don't require a cash down payment. To qualify, you need to have a decent credit history.
We're here to make the USDA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our USDA Loan Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
There are many benefits, including: no down payment required; borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below: