A USDA Loan is a Government insured loan that allows a home buyer to purchase a home with NO money down. USDA Loans are offered in rural and semi rural area's and are a great option for first time home buyers.  USDA Loans due have income limitations depending on where you live.

Under USDA loan guidelines, the purchaser can borrow up to 100% of the appraised value of the home or purchase price, whichever is less.  This obviously eliminates the need for a down payment. Since coming up with a down payment which is usually in the thousands of dollars, can be a major barrier to homeownership, The USDA program can be a savior. 

USDA Loan Guidelines

To be eligible for a USDA Guarantee Loan program, you should meet certain parameters:

*You should have steady and dependable income.

*Be a U.S. citizen, resident alien or have legal permanent residence.

*Must meet adjusted income guidelines for county you plan to buy in.

*Meet minimum credit history requirements.

*Meet acceptable income to debt requirements.

*Home must be in designated area of USDA housing.

To learn more about being a Maryland First Time Home Buyer go here.