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About USDA

 

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For eligible areas, the USDA loan program allows potential home buyers to purchase homes with no down payment, and in some cases allows them to finance their closing costs into their loan.  This government-backed program has allowed thousands of families to realize the dream of home ownership with less up front money than other loan programs.

The USDA program is one of the few 100% financing programs available in today’s tighter lending environment.  Some of the highlights of the program include:§   100% financing – no down payment required. §  No loan limits, sales price limits, or seller contribution limits §  No Mortgage Insurance – only a one time guarantee fee. §  Closing costs can be financed if the appraisal is higher than the sales price. §  You don’t have to be a first time home buyer. §   

There are no cash reserve requirements. There are area restrictions, income restrictions and specific guidelines to the USDA loan program.