Explaining Today’s Low Housing Supply [INFOGRAPHIC]
If you're looking to buy a home, you may be wondering why the supply of homes for sale is limited ...
The United States Department of Agriculture (USDA) gives out a variety of loans to help low- or moderate-income people buy, repair, or renovate a home in a rural area. Some popular types of loans are the single-family direct homeownership loan, the single-family guaranteed homeownership loan, the rural repair, rehabilitation loan or grant, and the mutual self-help loan. This guide will help you figure out what these loans are and whether you qualify.
Though the terms and details of these loans differ, all offer meager effective interest rates (some are as low as 1 percent) and don’t require a cash down payment. To qualify, you need to have a decent credit history.
We’re here to make the USDA home loan process a whole lot easier, with tools and expertise that will help guide you along the way.
We’ll help you see the differences between loan programs, allowing you to choose the right one for you, whether you’re a first-time homebuyer or a seasoned investor.
The USDA Loan Process
Here’s how our home loan process works:
There are many benefits, including no down payment required; borrowers who qualify for a USDA Rural Development home loan can pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant toward their mortgage.
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