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You are likely familiar with well-known government-backed home loan programs like FHA or VA loans. But do you know about USDA loans? These loans are available to consumers who are purchasing homes in locations which the US Department of Agriculture (USDA) defines as "rural." With a USDA loan, you can enjoy some outstanding benefits.
A USDA loan is simply a mortgage which is insured by the USDA. Sometimes, you will see USDA Rural Housing Loans referred to as Rural Development Guaranteed Housing Loans. That name is actually defunct, but they are still sometimes used interchangeably.
If you havent heard of USDA loans until now, do not be surprised. This program has not been around as long as some other government-backed mortgage programs, so quite a few homebuyers are not aware that they may have this option.
The advantages of USDA loans are comparable to those of other government-insured loans. Since the USDA stands behind them, lenders are guaranteed some degree of security. This translates to more flexible qualification requirements and more affordable mortgages.
No down payment.
Affordable fixed interest rates.
Flexible credit qualification.
More cost-effective mortgage-insurance.
With a USDA housing loan, you can purchase a house, make repairs or improvements to an existing home, or even buy a vacant lot with the intent to build.
The maximum size for homes being purchased using a USDA-backed loan is 2,000 square feet, and it must be located in an eligible area.
For a Single Family Housing Guaranteed loan through the USDA, you will need to meet the following qualifications:
You must be legally be residing in the United States.
You must use the loan to buy a home which is in an area that fits the USDA's definition of "rural."
You must fall under the income threshold for the area as set by the USDA.
You should not automatically assume that you will not qualify for a USDA loan just because you are shopping for a house that isn't in the countryside. Any area which has a population of 35,000 or fewer people meets the eligibility guidelines.
USDA rural housing loans are very flexible. They are most often used to purchase homes, but they also can as a refinance. If you are looking to purchase land, a USDA loan may serve your needs as well.
You may have quite a few questions about USDA loans. Determining eligibility can be a little more complex for these types of loans than it is for FHA or VA loans since it can be hard to know whether the area you want to purchase in is considered "rural."
Premier Lending Corp has been helping customers throughout the Florida to successfully apply for USDA rural loans. We are intimately familiar with the USDA's rules, and can help you determine whether the home you want to purchase is in an eligible area or not. We can also look over your finances with you to determine whether you qualify based on your income.
You can begin the application process today by calling us at 954-840-8811. We look forward to scheduling your consultation and walking you through the USDA loan process.
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