USDA Loans

The U.S. Department of Agriculture (USDA) offers a loan program to “rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing.” Managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture, this type of mortgage loan is offered to borrowers whose income is no higher than 115% of the adjusted area median income [AMI], which varies by county.

Benefits of a USDA Loan

  • No down payment is required.
  • Lower interest rates as compared to conventional loan options
  • While mortgage insurance (often referred to as PMI) is required, the USDA’s PMI rate is the lowest of any loan program and doesn’t change based on the amount of the down payment provided.
  • Flexible credit guidelines to help buyers with “less than perfect” credit.

Other Loan Options

Did you know a USDA Loan offers 100% financing for qualified buyers? That means no down payment is required to purchase! Ask us if a USDA Loan is the right choice for you.

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