In this chapter of the Affordable Housing series of articles, I am going to try to bring a clear and accurate depiction of the benefits, purposes, and qualification guidelines for the U.S. Department of Agriculture Home Loan programs. The USDA website is actually quite easy to gather information from, but I found in order to get to specific geographic areas a borrower would have to click sometimes 4 or 5 directories deep in order to get the information sought. My intentions for this post is to make the specific information more accessible and easier to read for home buyers in Denton, Collin, and Tarrant counties.
First, let's define the USDA Rural Development, they are committed to helping improve the economy and quality of life in all of rural America through their programs. They have a $86 billion dollar portfolio of loans and will administer nearly $16 billion in program loans, loan guarantees, and grants through their programs.
These loan programs are not just for buying farms, vacant land, or ranches.
Most people know the U.S.D.A. as the government entity that checks our food, or grades our beef, which is why I believe so many first-time home buyers may not look to them when searching for loans, or down payment assistance programs. The truth is the USDA program has been and continues to be one of the most respected and easiest to use guarantees for 100% financing available, and here is one of best things over programs from TDHCA, they actually have money to guarantee funding. But remember, "Guaranteed Loans" are the lender's loan, the funds are not coming from the government.
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