Many people are looking for ways to take advantage of the historically low mortgage rates. Some of these individuals may not have quite enough for a 5% down payment on the home, yet they have other strong financial qualities. For these people, the USDA home loan may be a great solution.
The USDA home loan is a loan guaranteed by the federal government. These loans are designed for people with modest yet stable income. A history of paying debts in a timely manner is also a strong asset for the borrower. The income levels are calculated based on rules set forth by the USDA.
New homes, as well as existing homes, are both eligible for the program. These homes must be located in rural areas as determined by the USDA field offices. The loan amount can be 100% of the value of the property or the purchase price, whichever is less. Best of all, the loan can include all of the necessary costs associated with purchasing a home.
This program is ideal for people with good credit and a solid employment who have not had the time to save for a large down payment. With the available fixed interest rates, this could be a perfect way for new buyers to become homeowners.
In order to find out if you meet the qualifications for the USDA Mortgage, contact me today!