The USDA Rural Development Loan is a government-backed mortgage that lets eligible buyers purchase a home with zero down payment. Despite the name "rural," many suburban areas qualify. If you are buying outside a major metro area, a USDA loan could be your best option and one of the most underused programs available.
To qualify for a USDA loan, the property must be in an eligible rural or suburban area, your household income must fall within USDA limits for your county, and the home must be your primary residence. Income limits vary by county and household size. Rob can check in seconds whether the property you have in mind is in an eligible area.
USDA loans are often compared to VA loans since both offer zero down payment. The key difference is that VA loans are reserved for veterans and military families, while USDA loans are open to any buyer who meets the income and location requirements. USDA loans also tend to have lower mortgage insurance costs than FHA loans, making them an excellent deal for those who qualify.
Many buyers are surprised to learn their target area qualifies for USDA financing. Call Rob at 714-400-2317 or apply by clicking here to get started.
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