USDA Loans
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A USDA loan, also known as a USDA Rural Development Guaranteed Housing Loan, is a type of mortgage loan program offered by the United States Department of Agriculture (USDA). These loans are designed to help low to moderate-income individuals and families in rural and some suburban areas achieve homeownership.
The government backs USDA loans, similar to VA and FHA loans, which allows for lower interest rates in some cases compared to conventional loans. The most significant selling point for USDA loans is that you can buy a home with no down payment.
Advantages of a USDA loan
There are several advantages with a USDA loan. Unlike other mortgage programs like FHA and conventional loans, USDA loans do not require a down payment. So you can purchase a home without saving up for years. Interest rates are competitive and there are relaxed credit requirements.
Disadvantages of a USDA loan
There are some disadvantages to a USDA loan as well. There are income limits and property restrictions ( meaning you have to purchase in a designated rural area), the property must be a primary residence, and longer underwriting timeline.
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