WIth the market fluctuating and buyers looking for homes but fearful about downpayments, there is a choice. FHA loans, if you qualify, will allow 3.5% down but there is another alternative and that is a USDA Home Loan( United States Department pf Agriculture). If you fall within the criteria and are able to live within the area they serve, you will save on Pre Mortgage Insurance (about $120/month).
You don't have to be a farmer or rancher to be eligible for a USDA Home Loan. If you are looking to occupy residence in rural America, you may qualify. Many areas are close to towns and shopping.
In many cases, your property only has to be located outside a metropolitan area. Along with location, a few other items for eligibility criteria include household income, household dependents and credit history. These guidelines are detailed and they differ based on the county where the property is located. You may still be eligible for a USDA loan even if you are not eligible for 100% financing.
Call us today for additional information! 845-226-6610