USDA or "Rural Development" home loans are given to qualified borrowers looking to buy or refinance a home in a rural location. These loans are government insured by the USDA, and are usually for low to middle income households buying a home for primary residence. USDA loans have special features that differ from conventional loans which attract buyers who have typically been denied for other loans, yet still are looking for a way to afford a home.
The most desirable aspect of a USDA loan is that DOWN PAYMENTS ARE NOT REQUIRED. This allows buyers to finance a home for up to 100% of the price. There is no limit on the price of a home to apply for a USDA loan either. Along with these benefits, 30-year fixed interest rates are offered, allowing lenders to provide competitive interest rates based on the buyer's qualifications.
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