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How Does a USDA Loan Work?
———— USDA has three home mortgage programs:
Loan guarantees. The USDA guarantees a mortgage that is provided by a local lender, which meets the same criteria as in FHA and VA backed financing. This offers the mortgage borrower low interest rates and no down payment.
Direct loans. A type of mortgage preserved for low and very-low-income applicants where income thresholds are dependent on the region. The interest rates for this option can be as low as 1%.
Home improvement loans and grants. A form of financing where homeowners get a package to repair or upgrade their homes.
Borrower Requirements for a USDA Rural Homw Loan
Benefits of a USDA Rural Home Loan
Those rural residents or families can qualify if they:
Legal Disclosures:
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