USDA Financing Home Buying Market
- September 25, 2017
- Posted by: Emily James
- Category: Community News
USDA Financing Home Buying Market, the United States Department of Agriculture is a financing option in the home buying market today. The USDA offers Rural Development Loans or Rural Housing Loans, one of the largest housing programs. Although Rural property is a large part of the USDA program they also offer services to over 109 million people in the U.s alone. It is ideal that 97% of the United States land mass is eligible for this loan.
To find out if the buyer eligible for USDA Loans first you start by applying. The buyer will need to find a lender that offers USDA financing services. Then the buyer will need to get preapproved, your lender will help the buyer threw this process. The buyers credit score, income and employment information will be checked by the lender before approval the loan. If you are approved you will receive a preapproved letter. The preapproval letter will be used to make an offer on the home or homes that are USDA-eligible. For the home to be eligible , a home much be in a rural area with a population less than 20,000. The USDA makes the final approval and in a few short days the house will transfer to closing.
There is no down payment required for a USDA loan this reason is why many people choose to take this route. Making the USDA one of the few 100% financing home loans available in today’s market. The other widely available zero-down loan is a VA Mortgage, available to U.S veterans who have served. With USDA home buyers can purchase immediately and take advantage of increasing home value.
This Post: USDA Financing Home Buying Market
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