This is a loan, unlike most other loans, provides 100% finance for buying your home. This means that you don’t have to worry about saving enough money to pay as down payment. There are also no other additional expenses to worry about with these loans.
The reason USDA loans are sanctioned without any down payment is because the lenders have the backing of the government in case the borrower defaults on the loan, making it less risky. Potential home owners will also enjoy relaxed eligibility and qualification guidelines. That means even if you don’t have perfect credit, you might still be eligible.
While a USDA loan does not have a maximum purchase price limit, lenders will still want to review your financial history and income statements. Another condition is that this loan is only applicable for the purchase of eligible rural areas as your primary residence.
Yes, there are some considerations to follow but great benefits if you’re thinking about a USDA loan. Contact us today to discuss your options and to see what areas apply, and if this is the right choice for you.
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