USDA home loans are offered in rural areas as determined by the United States
Department of Agriculture (USDA). The USDA’s mission is to help lower income households
obtain home loans at reasonable mortgage rates. USDA home loans offer many advantages
to qualified borrowers.
USDA mortgage loans allow for purchase and no cash out refinances of primary residences.
Some benefits of USDA are:
100% financing
No monthly mortgage insurance
No asset or automatic reserve requirements
Gifts allowed for closing costs
Required property improvements can be financed into the loan up
to 102% of the "improved" value. (USDA will allow repairs to be completed after
closing!)
Eligible USDA property types include single family homes, condominiums and manufactured
housing*. USDA does have some income
and property
eligibility requirements.
Even though a mortgage insurance premium is not required, USDA charges a 2% funding fee
to guarantee the mortgage. This fee may be financed into the loan amount.
*Must be on permanent foundation.
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