What They are
Federally backed USDA loans offer many benefits not available in other loan programs, geared toward getting you the financing you need to be a homeowner.
These loans are for income-qualified borrowers looking to buy homes in U.S. Department of Agriculture-approved rural areas — a designation that’s not nearly as restrictive as you might think.
In addition to a fixed interest rate and payments, benefits include:
- $0 down payment
- Gift funds allowed
- Up to 6 percent seller assist
- Competitive 30-year fixed rates
- Covers up to $417,000 purchase