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Roosevelt when he signed the Executive Order7027. The USDA Rural Development loan plan was made in order to help the families to relocate and issue emergency loans to the farmers. They used to administer the USDA home loan program for rural housing. What is USDA loan program? USDA loan program is one of the most affordable and cost-effective loan programs which many Americans are unaware and are taken aback by the name itself. Are you planning to buy a home? But you don’t have the money? USDA loans help you to get the advantage of 100% financing with zero down payments and low closing costs. If you do not have much savings or your income is low such that it cannot afford to pay down payment for a loan, then USDA home loan is an excellent option. The U.S department of Agriculture supports and insures USDA loans. This program has a repayment schedule where you do not have to give any pre-payment penalties. Your loans get approved without any counselling and all first time as well as repeat buyers can avail their loans. What are the USDA loan requirements? There are some of the rules and regulations you need to follow according to the USDA loan department. Some of them are discussed below.
- The first and most important criteria to be financed are that your property should be located in one of the USDA designated rural areas. There are several Federal Home Loan Centre Counsellors who would guide you to determine whether the property falls under USDA designated areas or not.
- The USDA loan term is for 30 years and at a fixed rate.
- If your property is a primary residence, taking USDA loans are applicable for you. They do not finance for investment properties or second homes.
- Both sellers and lenders can contribute towards the closing cost. The only criterion is that the closing cost should not be more than 6% of the total sales price.
- Being a buyer, the applicant must maintain a decent credit history. You must be eligible to depend on the debt-to-income ratios. This is necessary so that you are able to repay conveniently.
- Closing costs are allowed by the USDA itself. You do not have to worry about it.
- Not more than 115% of the area median income is allowed for the homebuyer.