Why a USDA Loan Might Be for You
Published On March 24, 2023
Don’t be fooled! USDA loans are NOT just for farms and homes in underdeveloped areas. According to the Housing Assistance Council, 97% of U.S. land is located within USDA-eligible boundaries! So these are a great loan option with great benefits, that many homebuyers should consider.
What exactly are USDA loans? USDA loans are a type of home loan backed by the United States Department of Agriculture (USDA) that offer several benefits for homebuyers. Some of these benefits include:
1. No down payment required: One of the main advantages of a USDA loan is that they do not require a down payment. This means that eligible borrowers can finance up to 100% of the home’s purchase price, which can be a significant advantage for those who may not have a large sum of money to put down on a home.
2. Low-interest rates: USDA loans typically offer lower interest rates compared to other types of loans, such as conventional mortgages. This means lower monthly payments which can save borrowers money over the life of the loan.
3. Flexible credit requirements: USDA loans are designed to help borrowers with lower credit scores or limited credit histories. The program’s guidelines allow for more flexible credit requirements compared to other loan programs, which can make it easier for borrowers to qualify.
4. No mortgage insurance required: Unlike FHA and conventional loans, USDA loans do not require borrowers to pay for private mortgage insurance (PMI). This can save borrowers thousands of dollars over the life of the loan.
5. Rural property eligibility: USDA loans are specifically designed to help borrowers purchase homes in rural areas. This can be a great option for borrowers who want to live in a more rural setting or who may not qualify for other loan programs due to their location.
Overall, USDA loans can be a great option for eligible borrowers looking to purchase a home in an eligible area. They offer lots of benefits that can help make homeownership more affordable and accessible.
Get in touch to find out if this could be just the right solution for YOU!
BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS #2893. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Licensing and disclosure information can be found at https://nfmlending.com/licensing/
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BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS 2893. Licensing and disclosure information can be found athttps://nfmlending.com/licensing and https://nfmlending.com. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. (http://nmlsconsumeraccess.org). We value your opinion and we thank you for visiting this website or NFM, Inc. If you have specific questions, comments or concerns we encourage you to email us at hello@dev.bluprinthomeloans.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays.
BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS 2893. Licensing and disclosure information can be found athttps://nfmlending.com/licensing and https://nfmlending.com. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. (http://nmlsconsumeraccess.org). We value your opinion and we thank you for visiting this website or NFM, Inc. If you have specific questions, comments or concerns we encourage you to email us at hello@dev.bluprinthomeloans.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays.