Who doesn’t dream of a home loan with a decent interest rate and without paying a single penny toward a down payment? It may sound too good to be true, but there are a number of government options available for first-time home buyers. These government programs benefit specific buyers, helping them to get amazing deals for their dream home. One such program, the USDA home loan program, is an excellent choice for low-income, first-time homebuyers.
Buying Your Dream Home with a USDA Home Loan
What Is The USDA Home Loan Program?
The USDA home loan program, also known as the Rural Development Housing Loan Program, is a mortgage loan offered to potential rural property owners by the United States Department of Agriculture, USDA. The Rural Housing Service (RHS), a housing service division of the USDA, offers a complete range of mortgage services to potential buyers.
How Does a USDA Mortgage Loan Work?
USDA home loans are mortgages offered to low- and middle-income households. Working with a USDA approved lender can help you qualify. There are in fact two kinds of USDA House Loans, each with its own features and advantages:
1) Direct loans: Direct USDA House Loans come straight from the U.S. Department of Agriculture.
2) Single Housing Family Loan: These loans are offered through the USDA and granted by a third-party institution such as a bank. Loan applicants must comply with all financial requirements, including a credit check.
The low-cost, low-rate USDA rural development home loan secures 100% financing for those who qualify. The USDA issues mortgages to applicants who are the least likely to obtain a conventional mortgage.
USDA Home Loan Eligibility Criteria:
The eligibility requirements for a USDA Mortgage Loan are simple and straight forward. The program requires the borrower to meet;
- Income criteria (people who earn above certain thresholds are eligible)
- Acceptable credit
- Employment requirements
- Borrower is a U.S citizen or a U.S non-citizen national.
The easiest way to get a USDA Home Loan is to contact an USDA-approved lender. Working with an approved mortgage lender in Boston like Drew Mortgage Associates will ensure that exacting documentation is easily taken care of. Drew Mortgage Associates provide expert consultants who will also help you find eligible properties that meet the criteria of your dream home: making the entire process very manageable.
For further assistance, you can reach Drew Mortgage Associates on their toll-free number at 877-949-3739, or visit the mortgage company website at https://www.drewmortgage.com.