USDALoans

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What is a USDA Loan?

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The United States Departments of Agriculturehas set us a variety of loans that are made tohelp low- or moderate-income people buy,repair, or renovate rural homes. There aresome great opportunities for low income

families in rural areas to take advantage ofwith a USDA loan.

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There are three USDA mortgage loan programsto help you find a program that most fits yoursituation. Loan guarantees, Direct loans, and

Home improvement loans and grants.

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Loan guarantees are loans that the USDA guarantees.This is a mortgage that is issued and approved by alocal lender, much like FHA and VA backed loans.

This allows for very low interest rates, and sometimesno down payment is required. However keep in mindthat if there is little to no money down on your home

there will be an MIP requirement.

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Direct Loans are also issued by the USDA whichallow for very low income applicants. These

thresholds can vary by region. However this can be agreat opportunity for low-income families to get the

help they need for necessary expenses.

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Home improvement loans and grants areloans or outright financial awards that permit

homeowners to repair or upgrade theirhomes. Packages can also combine a loan anda grant, providing up to $27,500 in assistance.

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The USDA’s eligibility requirements:

Must be a US citizen

Must make monthly payments

Must have a dependable income

Requires an acceptable credit history

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USDA loans are also only eligible in rural areas. Ingeneral Metropolitan areas are excluded from USDAprograms. If you think your home may apply talk to a

lender today and get the assistance you need.

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

Information provided by:Justin McHood

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