Since 1991, the U.S. Department of Agriculture (USDA) has been offering rural development loans to home buyers to encourage them to move to America’s rural and suburban areas. Here’s what every home buyers should know about USDA Loans before applying for a mortgage.
USDA Loans give low- and medium-income individuals an opportunity to own their own home in designated rural and suburban areas by offering them affordable loans that require no down payment. At the same time, the influx of people moving to these areas helps to boost the economies there.
These loans can be for as much as $500,000, but this is more common in states with expensive real estate such as California and Hawaii. Many of America’s rural areas are limited to a…