USDA loans are available to buyers in certain geographic areas and often do not require a down payment.
What is a USDA loan?
A USDA loan is insured by the U.S. Department of Agriculture and is used to finance eligible rural properties.
There is no minimum credit score, but most lenders require a 640 score. There is no down payment required, but there are income caps and strict debt-to-income ratio limits.
The USDA charges an upfront guarantee fee and an annual fee (paid monthly; similar to mortgage insurance).
If coming up with a down payment is holding you back from your dreams of home ownership, a USDA loan may be just the answer you are looking for.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
**Lift Home Lending is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
