USDA loans are zero-down-payment mortgages for home buyers in eligible towns and rural areas. USDA loans are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture. In addition to having no down payment requirements, USDA home loans often also have lower rates than conventional mortgages. And USDA loans don’t require borrowers to pay for traditional private mortgage insurance, or PMI. USDA loans can be a great tool to unlock homeownership for qualified borrowers. However, buyers have to meet certain requirements, including purchasing property within specific areas outlined by the agency. Click the following link to see if a specific property is eligible for a USDA loan and also to see what the income requirements and limits are as a potential USDA borrower: USDA Property and Income Eligibility
