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USDA stands for U.S Department of Agriculture. USDA loan is a type of mortgage that is available in Rural areas and are more favorable towards people with less Income. The program may offers 0% down payment to eligible borrowers with lenient underwriting guidelines. These loans are guaranteed by the USDA.
The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.
Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural home buyers –
No money down for those who qualify! Apply today.
About the Author: Ahsan Bashir is an experienced Tax Consultant based in Irving, Texas, with over 25 years of expertise spanning Taxation, Accounting, Business Lending and Mortgage, Risk Management, Business Insurance, and Business Consulting. Through his firm, Z-Tax & Accounting, he provides comprehensive financial services including Individual and Business Tax Preparation, Bookkeeping, Payroll Processing, and Business Consulting. As an Enrolled Agent authorized to practice before the Internal Revenue Service (IRS), and an IRS Certifying Acceptance Agent (CAA), Ahsan Bashir delivers trusted, professional solutions tailored to the unique needs of both individuals and businesses.
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Related Topics: What are the Pre-payment requirements, (e.g., FHA, VA, USDA)? Loan Limits on Types of Loans What are Assumable Loans What is Debt to Income Ratio and how is DTI calculated
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