Escape the crowds
USDA loans are backed by the US Government and are intended to help people purchase homes in rural areas and oftentimes do not require a down payment. 97% of the land in the United States is eligible for a USDA loan. You might be surprised what the government considers a rural area, your suburb might be included.
You might not need a down payment with a USDA loan. You can finance the entire purchase into the loan.
These loans are guaranteed against default by the US Department of Agriculture and therefore require mortgage insurance.
Lenders typically require a minimum credit score of 640. Additionally your income cannot exceed 115% of the median income in your area.
Click the link above to see if your potential home is covered by USDA eligibility.
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