Usda loans
Affordable Homeownership in Rural Areas
USDA loans, backed by the U.S. Department of Agriculture, are designed to assist individuals in purchasing homes in designated rural areas, often with no down payment required. Surprisingly, a significant portion of the U.S. is eligible for these loans, including many suburban regions.
down payment
USDA loans offer 100% financing, meaning eligible borrowers can purchase a home without a down payment, making homeownership more accessible.
mortgage insurance
USDA loans require mortgage insurance to protect lenders. This includes an upfront guarantee fee, which can be financed into the loan, and an annual fee, paid monthly. These fees are generally lower than those associated with other loan programs.
credit score
While the USDA doesn’t set a minimum credit score, most lenders prefer a score of at least 640 for streamlined processing. Additionally, household income must not exceed 115% of the median income for the area, ensuring the program assists moderate to low-income borrowers.
Use the USDA’s property eligibility tool to determine if your desired home falls within an eligible rural area.
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Elliott Bowman
(206) 949-5563
NMLS # 1982189
CO License # 100517635
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