USDA Loans are mortgages for Homes that are found in Rural areas. Oddly enough, some homes in Richmond are considered Rural. The Tara Sub Division is one of these areas. Here are the highlights of a USDA loanfor:
- You will not need a down payment. That's right 0%!!! FHA loans require a down payment of 3.5% and a conventional can require 5% or more.
- And the seller can pay all or some of your closing costs. This would allow you to get in the home with the least amount of money possible.
- You will NOT have any monthly mortgage insurance. This will give you an even lower monthly mortgage payment then a conventional loan or a FHA loan.
- USDA loan is a government backed loan.
To qualify for a USDA loan you must meet the income requirements and the home must fall in the designated Rural area. You would be surprised to see which homes qualify, many fall in areas that you and I would not consider rural. To find out if a home qualifies check out: USDA. Call me Today to make sure you are getting the best mortgage possible.