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USDA Loans apply to more areas than you think!

What is a USDA Loan?
USDA loans are backed by the Rural Housing Division of the U.S. Department of Agriculture. These loans are available to thousands of home buyers with low to moderate incomes or scarce funds for down payments. In 2017, the USDA helped approximately 127,000 families buy their homes.

No down payment is required for USDA loans. They are typically thirty-year, fixed-rate loans with no pre-payment penalties. Rates are very competitive with conventional loans. These loans are limited to “rural” areas, though you might be surprised by some of the areas that qualify as rural.

Who is eligible?
Funds are available for qualified borrowers who earn up to 115% of the area median income. For example, if your area’s median income is $50,000, you could make up to $57,500 and still qualify. Even candidates who have had past credit issues with late pays, bankruptcies, or foreclosure may be eligible.

The home you are buying must be your primary residence, meaning you plan to live there full time or at least majority of the time. Rental properties, investment properties, and second home purchases are not eligible for the USDA loan program.

If you’d like to learn more about what areas qualify for USDA Loans, call or text The Lowry Team at 513-368-3751.