LOAN PROGRAM

USDA

USDA loans are a popular option for borrowers who live in rural and suburban areas and meet the income and property requirements. They offer a government guarantee, no down payment requirement, and competitive interest rates, but they also come with mortgage insurance premiums that can increase the cost of the loan.
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Loan Type:

USDA loans are government-backed loans that are guaranteed by the U.S. Department of Agriculture.

Eligibility:

USDA loans are available to borrowers in rural and suburban areas who meet certain income and property requirements.

Down Payment:

USDA loans do not require a down payment for most borrowers.

Credit Score:

The minimum credit score required for a USDA loan varies by lender, but most lenders require a score of at least 640.

Loan Limits:

USDA loans do not have a set loan limit, but there are limits on the amount the USDA will guarantee, which vary by location.

Interest Rates:

The interest rates for USDA loans are typically lower than those of conventional loans and are determined by the lender based on the borrower’s creditworthiness, loan amount, and down payment.

Mortgage Insurance:

USDA loans require borrowers to pay an upfront mortgage insurance premium and an annual fee, which can be included in the monthly mortgage payment.