USDA Loans

• 100% financing with no down payment required
• Fixed interest rates
• Loans are insured up to 90% of original loan amount by Federal Government
• Upfront guarantee fee may be included in loan amount above appraised value
• Condos may be eligible
• No pre-payment penalties
• Must be primary residence
• More generous debt ratios
• Gift funds and grants may be applied to closing costs
• Home must be located in an eligible area for USDA financing
• Annual income limits do apply
• Can be new construction
• Appropriate for low to moderate income borrowers
• Appropriate for first-time homebuyers and anyone having no down payment