USDA Loan Articles for Homebuyers

Foreclosed homes are purchased with a mortgage whose owners failed to make payments on. USDA loans provide a desirable option for buying a foreclosure.

Through the USDA’s combination construction-to-permanent loan, or single-close loan, homebuyers wishing to build a home with a USDA loan can do so. 

Via the USDA’s Rural Energy Plus loan, homebuyers can receive $0 down financing when purchasing or building a home that meets IECC energy efficient standards.

While living in the heart of a big city may have once been a dream, COVID-19 has flipped the switch on American’s desire to live in urban areas.

One benefit of USDA loans is that qualified borrowers can get a loan for a primary residence with $0 down, and make homeownership affordable and accessible for many moderate- and low-income families.

Steps to finding the right USDA lender include looking for USDA Loan Expertise, Customer Service and Satisfaction, Structure of Loan Process, Comparing Rates, and Asking the Right Questions.

USDA loans are a government backed mortgage option available to rural homebuyers. Despite its reputation as a product for “rural” properties, the guidelines actually permit purchases in approximately 97 percent of the United States.

Homeowners insurance is a way to protect your investment in your USDA-guaranteed home from fires, natural disasters, accidents, theft, and other kinds of damage.

Borrowers are able to use USDA loan gift funds for a down payment of closing costs, as long as the funds can be verified and they meet other loan program and lender requirements.

Many people wonder if they can own another property and apply for a USDA loan. There are some cases where you may be able to own additional property and also obtain a USDA loan.

Blemishes on your credit can happen, and bankruptcy or foreclosure can be a particular concern for those hoping to buy a home with a USDA loan.

USDA annual income, adjusted annual income, and repayment income are 3 income calculations considered in determining a borrower's USDA income eligibility.

Every homebuying situation is different, but once you’re contracted to purchase, you can typically expect the USDA loan process to take anywhere from 30 to 45 days to close on your USDA loan.

Closing costs on USDA loans generally run between 3 and 6 percent of the purchase price; however, every homebuyer's situation is different. Let’s take a closer look at USDA loan closing costs.

The USDA Streamline Refinance program is now available to borrowers in all 50 states thanks to changes made in May 2019.