Rural Development

USDA purchase Loan

United States Department of Agriculture or commonly referred to as (USDA) is one of the most popular 100% options available. They offer a great interest rate for a fixed 30 year mortgage. The mortgage insurance is slightly lower than other mortgage products comparable to it. Many new home developments are in USDA eligible areas and qualify for this type of financing. The property must be a single-family home, townhouse, or condo in an eligible rural area. No down payment is required on USDA loans. Seller can pay up to 6% towards borrowers closing cost. USDA has income restrictions on this loan. Low fixed rate for life of loan. Amortizations are fixed rate 30 years.