USDA Rural Development Home Loans

USDA Rural Development Home Loans: A Powerful Path to Homeownership

If you’re thinking about buying a home in a rural or suburban area, a USDA Rural Development Home Loan in NC, SC, VA, GA and FL could be the perfect solution. Specifically designed to enhance the quality of life in rural communities, these loans make homeownership more accessible by offering incredible benefits like zero down payment financing. Surprisingly, many areas eligible for USDA loans aren’t as rural as the name suggests, making this program a great option for suburban buyers as well. Read on to discover the program’s generous income limits, flexible credit requirements, and the wide range of homes that qualify!

Do You Qualify?

  • Higher Income Limits Than You Might Think: USDA loans have income caps based on household size and location, but they’re often quite generous.
  • Credit Score: While there’s no strict minimum, most lenders look for a 640-680+ score for a smoother approval process.
  • Primary Residence Only: This loan is for owner-occupied homes (no second homes or investment properties).

Where Can You Buy?

  • Rural & Suburban Areas Qualify: Many homes just outside major cities meet USDA eligibility!
  • Easy Property Check: We can verify eligibility for you, or you can use the USDA website.
  • Home Types: Single-family homes, new builds, and starting March 2024, manufactured homes (2006 & newer) may qualify!

Why Choose a USDA Loan?

  • 0% Down Payment: One of the only loan programs offering 100% financing.
  • Lower Mortgage Insurance: More affordable than FHA and many other loans.
  • Competitive Interest Rates: Typically lower than conventional or FHA fixed rates. We will always compare to other loan programs though to make sure you get the best deal.

What’s the Loan Process Like?

  • Plan for a 45-Day Closing: USDA loans take a little longer, but we get you preapproved ahead of time to streamline the process.
  • Closing Costs: Can be covered by seller contributions, gifts, or rolled into the loan in some cases.

USDA Loans in Your State

  • NC & SC: Many suburban and rural areas still qualify, especially outside major cities.
  • VA: Northern VA (near D.C.) is mostly ineligible, but many other regions qualify.
  • FL & GA: Central FL and North GA have many USDA-eligible areas.

Here at the Amy Bonis Mortgage Team, we make the preapproval process quick and easy, ensuring you’re in the best position to secure your dream home. Check out our USDA Rural Development Home Loan page for additional information on these great loans. Preapproval is quick and can make all the difference in getting your offer accepted. Ready to see if you qualify? Let’s chat! amy@amybonis.com

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