![]() Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas. But, they are out there! Why USDA Rural Development has a mortgage program Because the USDA is very particular in how its loans are handled, it can be challenging to find a lender who will make a USDA home loan. Others are self-serviced (these can also come with subsidized interest rates). Some of the department’s loans are serviced by banks. Like with FHA’s mortgage program, the USDA has a wide range of offerings to fulfill a number of different needs. There are also options for home repair loans to renovate and rehabilitate an already owned property. They can also be used to make a second-time purchase. USDA loans can be used for first-time home buyers. USDA loans are designed for those who have low to modest incomes. That’s defined as populations of less than about 35,000. In general, they’re limited to rural areas. Mortgages and home repair loans available through the USDA are a special kind of beast that’s tightly limited in scope. The USDA Loan is available to anyone that meets income and credit requirements. ![]() However, you don’t have to be a first time home buyer to take advantage of this great home mortgage option. This zero-down, 100% financing home loan has income limits and property eligibility requirements. The USDA Guaranteed Loan is not meant to finance farms rather, they are geared towards the standard single-family home. USDA eligible properties are typically located outside of city limits, in suburbs or rural areas. The United States Department of Agriculture (USDA) designed these loans to pull the population out of cities and into surrounding areas. We have all the details below, but if you’d prefer a more personal introduction, contact our experts at Home.Loans and we’ll walk you through it point by point. When you're looking for a simple life, and you’re also looking for a mortgage with a low down payment, it’s time to check out what the US Department of Agriculture has to offer.
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