USDA Has a Home Loan Program
The full name of this program is USDA Rural Housing Guaranteed Loan Program . We’ll simplify its name here to the USDA Loan . If you prefer, our office calls it the Meat Loan.
This is the first of two articles. Article number one introduces the program’s benefits . Article two covers the qualifying aspect, which is easier than most consumers anticipate. We’ll need a program to compare to USDA, so we’ll use its closest relative, the FHA loan program.
Let’s get to the first USDA loan benefit:
1. No down payment required That’s right, USDA loans require no down payment and have a standard 30-year fixed term.
2. Nominal mortgage insurance In 18+ years of lending I’ve encountered zero home buyers who want or like mortgage insurance. Compared to similar down payment
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