Is the Home You Want USDA Eligible?

Believe it or not, the US Department of Agriculture has a loan program. To qualify, a home must be in an area the agency considers to be “rural”.

Why would you want to consider a USDA loan in the first place? For starters, a USDA loan offers 0% down payment, and who doesn’t love that? Second, and much less talked about is the crazy low mortgage insurance. When compared to FHA or most conventional monthly mortgage insurance rates, the USDA rates are dirt cheap.

So, how do you know if the home you are looking at might qualify for USDA financing? Luckily, the folks at USDA made it easy. GO TO THIS PAGE ON USDA’s WEB SITE, click on the “accept” button and enter the address of the property. It will tell you right away if that home is in an eligible area.