Looking to buy in a rural area? USDA (United State Department of Agriculture) Home Loans have recently been expanded to include people looking to develop in less populated locations.
USDA Home Loan
● No down payment required with 100% financing available
● May be available to qualified homebuyers with imperfect credit
WHAT IS A USDA HOME LOAN?
Commonly thought of as a ‘farmers loan’, the USDA Home Loan has been expanded to encourage development in more rural areas.* These loans are intended to assist families without adequate housing with the purchase of a home. These loans are offered with no down payment required, making them easier to afford for individuals looking to get a leg up.
1. The property in question must be owner-occupied and in a rural area according to the USDA. Rental and vacation properties are not eligible.
2. The purchaser must meet the income restrictions set forth by the county the property is located. Each county has a maximum income limit, as defined by the USDA.
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