USDA Home Loan

Backed by the United States Department of Agriculture (USDA), rural Loans are similar to VA Home Loans and FHA Home Loans, except they are only available in selective rural areas and have income limitations. USDA is a 102% loan with no down payment required and does not need monthly mortgage insurance.

The USDA Home Loan is not limited to first time homebuyers. The seller can contribute up to 6% of the purchase price towards buyers closing and prepaid costs. Financing is available as a 30-year fixed only, for single-family residences and condos only.