A USDA Guaranteed Rural Housing Loan is a 30-year mortgage with an interest rate determined by the lender. Most people think they’re just for farmers, but the program has been expanded in recent years to help families without adequate housing finance a home in rural areas.
A USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required (yeah, you read that right), which sets these loans apart from more traditional home loans.
Applicants may have incomes up to 115% of the area’s median income and must be able to afford mortgage payments, including insurance and applicable taxes. Credit score is also considered in the application process.
Eligibility guidelines are very specific – but don’t let that stop you from chasing your homeownership goals. An experienced USDA financing professional at Evansville Teacher’s Federal Credit Union will help you navigate through the USDA loan process and determine your eligibility.
USDA loans offer several unique benefits that differentiate them from standard home loans. USDA loans require no down payment, so qualified individuals can finance up to 100% of the home’s total purchase price.
How much house can you afford? Find out with our Mortgage Calculator.