Property Finance & Mortgage

Who Is A Usda Home Loan For

Compared to FHA or other conventional loans, USDA guaranteed loans have lower rates. If you have average credit ratings, the mortgage rates can be 1% or lower. However, you will need to make sure you live in a qualified area, usually rural areas with less than 35,000 people living there. In some cases, outlying suburban areas may also be eligible. It is also aimed at those with low to moderate incomes. You will need to check if your income and location meet the requirements.

These loans require mortgage insurance of around 1% plus a 0.35% fee to be paid annually.…