One of the hardest things that a potential homebuyer has to take care of when getting a mortgage is the down payment. That's why a lot of people are trying to find alternative ways on how to get a mortgage with the smallest down payment. The federal government together with the Department of Agriculture has developed a program that aims to assist very low to moderate income borrowers to get a loan. Although it's made to assist eligible homebuyers, it's a great option for everyone to consider when getting a home loan.
The USDA Rural Development guarantees mortgages that are made through private mortgage providers with 100 percent financing. This means that the Department of Agriculture will pay the private lender if the borrower defaults on the mortgage. Although you still need cash to settle other charges like the closing costs, not having to worry about the down payment is a great help for those who are financially in need of assistance.
So why is the USDA Rural Development a great choice for you? Here are some of the reasons:
Applying for a USDA loan is a great option for borrowers looking to finance their dream home. As always It would be best to work with a real estate agent who knows a lot of things about the USDA loan application process.<< Back to the list.
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Primary Residential Mortgage, Inc.
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.