A USDA loan is one of the few remaining $0 down payment mortgages out there, made possible by The United States Department of Agriculture (USDA). The USDA mortgage helps homebuyers purchase, repair, or renovate a home within a rural area. You can also refinance using the USDA program, or even Streamline Refinance to a lower rate if you are already in a USDA home loan.
The USDA Rural Home Loan offers several very attractive benefits such as 100% financing (meaning you do not need a cash down payment) and below-market mortgage rates—often lower than a conventional 30-year fixed mortgage rate.
The USDA's definition of "rural" is often considered generous. USDA loans are not just for farmers and ranchers, many small towns, suburbs, and exurbs outside of major metropolitan areas meet the "rural" requirement. Be sure to visit the USDA website or contact one of our experts to find out if the home you are considering may qualify.