USDA Loans

Many times, people are surprised that they can get a USDA loan to buy their home even though the property they are looking at is not in the middle-of-nowhere.

As FHA has recently outlawed the process of sellers gifting the down payment to buyers, the USDA loan program has exploded in popularity. Some of the highlights of the USDA loan program include:

• No down payment - true 100% financing


• No monthly mortgage insurance


• No cash reserves required


• No asset limits: you may keep liquid cash savings and other investments


• Not just for first time homebuyers - anyone may qualify


• Loan up to 102% of the appraised value - the 2% guaranteed fee may be added to the loan amount regardless of appraised value.


• Competitive 30 year fixed interest rates

What Properties Are Eligible For A USDA Loan?

No matter where you live, if you are interested in finding out if a property is eligible for USDA financing, it is easy to do. The USDA has made it easy by providing a USDA eligibility map and search by property.

Not every lender is USDA approved - and not every lender can offer USDA financing. But if you are in the market of buying a home and are considering FHA or VA financing, you may be surprised to learn just how much the USDA loan program can save you.