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A USDA (U.S. Department of Agriculture) Loan may be a great option for you if:
- You’re a first-time or repeat homebuyer; and
- You want a 0% down payment; and
- You’re interested in buying or building a home in an eligible “rural area,” which includes many suburban areas fairly close to cities; and
- You’re a low- to moderate-income buyer.
USDA Loan benefits and features:
- Borrower’s income: Can’t exceed the USDA Rural Development limits for the area.
- Down payment: Minimum is 0%. The one-time USDA guarantee fee can be included in the loan financing. Mortgage insurance is required.
- Credit score minimum is usually 640.
- Eligible properties include single-family homes, new construction, modular homes, planned unit developments (PUDs), and eligible condominiums.
- Gifts and grants permitted from family or government assistance agencies.
- Other requirements and conditions apply.