How do USDA loans compare to other loans?
USDA loans are one of the only no money down loans available in the country and the only no money down that is available to the general public.
The most common loan types are:
USDA Loans
FHA Loans
VA Loans
Conventional Loans
Highlights of each loan product (can you put each of these in some kind of colorful box or something that is appealing to highlight each product?)
FHA Loans
Down payment required 3.5% of the purchase price
640 credit score required in most cases
Loan limits based on county of residence
Monthly mortgage insurance rate of 1.35%
Upfront (financed) mortgage insurance of 1.75%
VA Loans
Only eligible veterans can qualify
620 credit score required in most cases
No money down loan
Upfront (financed) mortgage insurance of 2.15%
Conventional Loans
680 credit score required in most cases
Down payment required ranges between 5 and 20%
Mortgage insurance required if less than 20% down payment
Mortgage insurance rates depend on credit score
USDA Loans
620 credit score required to qualify
No down payment required
Income limits based on county and household size
Suburban and rural communities qualify
Monthly mortgage insurance of .4%
Upfront (financed) mortgage insurance of 2%
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