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With many loan options available, USDA Loans rank as THE BEST for getting into your dream home. USDA Loans have many features that make them superior to home loans through a bank. Also known as Rural Development Loans, USDA Loans are insured and guaranteed through the USDA Rural Development Guaranteed Housing Loan Program. In the year 2015 alone, the USDA funded over 171,000 loans through the USDA Loan program to help applicants buy a home of their own.
What makes a USDA Loan the best option available? Here is a list of reasons that should be considered about a USDA Loan before applying:
USDA LOANS ARE NO MONEY DOWN
With a USDA Loan, your down payment will always be $0. While other home loans will require a down payment reaching tens of thousands of dollars, you can be assured that with a USDA Loan you are getting a NO MONEY DOWN loan.
USDA LOANS PROVIDE COMPETITIVE INTEREST RATES
The USDA Loan Program is designed to provide consumers with a low interest rate. Interest rates with a USDA Loan are fixed, which means your monthly payment will not change due to a fluctuating interest rate throughout the length of the loan.
USDA LOANS CAN CLOSE IN 30 DAYS
While there are many factors that determine the amount of time to complete your loan, a USDA Loan can close in 30 days. Getting you into your home sooner is just another reason why a USDA Loan is a better option for consumers.
USDA LOAN CREDIT SCORE REQUIREMENT
To be approved for a USDA Loan, the applicant needs a minimum credit score of 620. However, a credit score of 640 will greatly improve an applicant’s chance of qualifying for a USDA Loan.