USDA Loans are for non-farm homeowners in rural areas and are also for rural housing development. To be eligible for a USDA Loan, borrowers must be purchasing a property in a rural area as defined by the United States Department of Agriculture (USDA). Rural Housing Service guarantees loans up to 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan.
There are a few different kinds of USDA Loans:
Guaranteed Loan – this loan helps low-to-moderate income borrowers the opportunity to build, rehabilitate, improve or relocate a primary residence in an eligible rural area.
Direct Loan – this loan assists low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability.
Rural Repair & Rehabilitation Loan – this loan assists low-income homeowners repair, improve, or modernize their dwellings or to remove health and safety hazards.
Contact Patriot Home Loans if you have any questions about a applying for a loan!
