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Flat Branch Home LoansUSDA Loan Program

U.S. Department of Agriculture (USDA) loans allow buyers to purchase a primary residence in a rural or suburban area with no down payment and a low interest rate. USDA interest rates are often lower than other loan programs. All USDA loans are insured by the government.

Who’s it Good For?

USDA loan programs were created to provide affordable homeownership opportunities to those with low- to moderate-incomes in rural areas. Don’t rule yourself out if you think your area doesn’t qualify - the USDA considers 97% of the country as “rural”. Their programs are not limited to first-time homebuyers.

Unlike other loan programs, things like daycare expenses and other allowable expenses may be deducted from your annual income to help keep you under the limit. Your Flat Branch Home Loans mortgage banker can calculate your household income to make sure you are eligible.

Program Highlights

Here’s a quick scan of some of the perks and guidelines for the USDA loan programs:

  • Can receive up to 100% financing
  • No down payment required
  • Competitive interest rates
  • Low monthly mortgage insurance
  • Flexible credit requirements

Property Requirements

The following are requirements for a property to qualify for a USDA home loan:

  • Must be a rural or suburban residence
  • Can’t have income-producing land or structures
  • Roof must have a remaining life of at least 2 years
  • Floor or wall heating sources are allowed as long as they are permanent, safe and adequate
  • A wet basement or crawlspace must be cured prior to closing
  • Must have smoke detectors
  • Must have adequate hot water services

Want to check if the property you're interested in is USDA eligible? Please reach out to your Flat Branch loan officer or an eligibility map can be found at the USDA Website.