There are many benefits, including: no down payment required; borrowers who qualify for a USDA home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the USDA Loan allows borrowers to use a gift or grant to go toward their mortgage.
This program helps lenders work with low and moderate income households living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
If coming up with a down payment is holding you back from your dreams of home ownership, the USDA home loan may be just the answer you are looking for.
Apply Online for USDA home loan
American Home Lending USA, LLC has been apart of the USDA lender network and participating in the USDA Single Family Housing Guaranteed Loan Program since 2008.
To start the USDA mortgage application process, you can apply online, contact us, or visit your nearest branch location in Edwardsville, IL, St. Louis, MO, Saltillo, MS, Hattiesburg, MS, Mobile, AL, or Clearwater, FL.
USDA Loans for First Time Homebuyers
First-time homebuyers, if you're seeking an affordable and accessible path to homeownership, a USDA home loan could be your ideal choice. With no down payment required and competitive interest rates, USDA loans make it easier to purchase your first home. These loans also offer flexibility with credit requirements and the option to include closing costs in the loan, reducing the upfront financial burden. Designed for eligible rural and suburban areas, USDA loans provide a quieter and more affordable living environment, perfect for those new to homeownership. Additionally, the assurance of being backed by the U.S. Department of Agriculture adds an extra layer of confidence. The lower monthly mortgage insurance and potential for 100% financing make USDA loans a smart option for first-time buyers looking to fulfill their dream of owning a home.
USDA Rural Development Loan Map
While USDA loans are commonly associated with rural housing, they are not limited to countryside living or farmland purchases. Surprisingly, a significant portion of the United States falls within the USDA-eligible zones.
According to data from the Housing Assistance Council, a staggering 97% of the country's land falls within USDA-eligible boundaries. These areas are home to approximately 109 million Americans, which accounts for roughly one-third of the nation's total population.
It's important to note that residents in major cities and densely populated suburbs may not qualify for these loans. However, those residing in adjacent towns and smaller cities could be eligible. The USDA considers areas with a population of 35,000 or less as 'rural.'
To easily check USDA property eligibility, you can use the USDA eligibility map tool. Simply enter the property address, hit enter, and it will indicate whether the home qualifies for USDA financing. If the property falls within a shaded area on the USDA eligibility map, it is currently not eligible.