A USDA (U.S. Department of Agriculture) Loan may be a great option for you if:

  • You’re a first-time or repeat homebuyer; and
  • You want a 0% down payment; and
  • You’re interested in buying or building a home in an eligible “rural area,” which includes many suburban areas fairly close to cities; and
  • You’re a low-to-moderate-income buyer.

USDA Loan Benefits and Features

  • Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.
  • Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
  • Credit score minimum is 620.
  • Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
  • Gifts and grants permitted from family or government assistance agencies.
  • Other requirements and conditions apply.

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