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7 Useful Facts About the USDA Rural Development Loan

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The United States Department of Agriculture (USDA) Loan is a home loan program for eligible low-to-moderate income home buyers to encourage buying homes in eligible, rural areas. A first-time home buyer can greatly benefit from a USDA loan. However, there are various myths about USDA loans. This presentation provides 7 useful facts about USDA mortgage loans. To learn more about USDA rural mortgage loan, please visit - https://www.drewmortgage.com/7-useful-facts-about-the-usda-rural-development-loan/

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7 Useful Facts About the USDA Rural Development Loan

  1. 1. 7 Facts About USDA Mortgage Loans Contact Us: 1-877-949-3739 | www.drewmortgage.com 1
  2. 2. Introduction The United States Department of Agriculture (USDA) Loan is a loan program specifically for home buyers with a lower than average credit score. First-time home buyers can benefit greatly from buying a home in the rural areas. However, there are various myths encircling the USDA loan program. 2Contact Us: 1-877-949-3739 | www.drewmortgage.com
  3. 3. Useful Facts About USDA Mortgage Loans • Urban areas are also eligible for the loan program. • Check suburban areas for eligibility 1. A USDA Loan Is Not Only for Rural Areas 3Contact Us: 1-877-949-3739 | www.drewmortgage.com
  4. 4. Contact Us: 1-877-949-3739 | www.drewmortgage.com Useful Facts About USDA Mortgage Loans • The government introduced a no down payment standard for the USDA loan program to encourage home buyers to buy properties in rural areas. 2. No Down Payment • Incomes over a certain amount won't be eligible. 3. Income Limits 4
  5. 5. Contact Us: 1-877-949-3739 | www.drewmortgage.com Useful Facts About USDA Mortgage Loans • A USDA Loan charges a low percentage of the remaining loan amount to cover the insurance amount, making a USDA mortgage cheaper. 4. Cheaper and Affordable Mortgage Insurance • Anyone can apply for the USDA loan program who is eligible. • You cannot own another property until the first USDA mortgage loan has been paid off. • You can apply for the next loan once the first USDA mortgage loan is paid. 5. Not Restricted to First-Time Home Buyers 5
  6. 6. Contact Us: 1-877-949-3739 | www.drewmortgage.com Useful Facts About USDA Mortgage Loans • No cap on the upper limit of the loan amount. • The income amount must fall below the threshold limit to remain eligible. 6. No Cap on the Loan Amount • A loan program is a conducive option in case your credit score is low since the requirement is lower than traditional loan programs. 7. Accepts Lower Credit Scores 6
  7. 7. Contact Us: 1-877-949-3739 | www.drewmortgage.com Hiring a USDA approved lender will help you qualify for a loan and process all documents for you. Working with experts will help you understand the requirements of the home loan program that best suits your needs. Drew Mortgage Associates, one of the leading USDA mortgage lenders in Boston, MA, provides a wide range of services, including USDA loan consultations. 7
  8. 8. Contact Us: 1-877-949-3739 | www.drewmortgage.com Find More Details at - https://www.drewmortgage.com/7-useful-facts-about-the-usda-rural-development-loan/ 8
  9. 9. Contact Us: 1-877-949-3739 | www.drewmortgage.com DREW MORTGAGE BRANCH OFFICES: CORPORATE HEADQUARTERS 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 (617) 523-3060 9
  10. 10. Contact Us: 1-877-949-3739 | www.drewmortgage.com 10

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