Yep. it’s true. The U.S. Department of Agriculture has an incredible, but little-known, loan program that can help you purchase a home with little or no money down. If you are thinking of buying a home, this is a program you’ll want to check out.
A common misconception about USDA loans is that you must buy farmland or purchase property in remote communities. That’s not true. These loans are available to people who purchase single-family homes in regular neighborhoods. While the USDA requires that you buy in a “rural” area to qualify for this type of loan, the definition of rural is pretty loose and often includes portions of suburbs of major cities.
There are certain loan criteria unique to USDA, such as income limits. But it’s worth investigating because the down payment requirement and other loan terms are so favorable and can really help stretch your home-buying dollars.
So where should you start? Ask your mortgage lender about USDA loans. You also can learn more about USDA loans on the federal agency’s website.