What is a USDA loan?
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A USDA home loan is a mortgage loan offered to rural property owners by the United States Department of Agriculture (USDA). The USDA loan program is also known as the USDA Rural Development Guaranteed Housing Loan Program and has certain eligibility requirements.
Special financing for USDA rural housing
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The USDA provides special financing opportunities to homebuyers who live or would like to purchase a primary residence in rural areas as defined by the USDA. Not sure if the home you want to buy is located in a rural area? Check USDA rural housing eligibility and requirements here.
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USDA loans, or Rural Development loans, are available to homebuyers with low-to-average income for their area, offer 100% financing with reduced mortgage insurance premiums and feature below-market mortgage rates.
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USDA home loans are helping many people buy homes rather than continue to rent.
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Who can qualify for a USDA loan:
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Anyone who lives in or will purchase in areas defined by the USDA as rural
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Households with a low-to-moderate income for their area
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First-time and repeat homebuyers