What is a USDA Loan?

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What Is a usda loan?

• Nathan Carlisle

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USDA Loans
As you may expect, a USDA loan is a mortgage loan
issued by the United States Department of
Agriculture. Obvious facts aside, what are the
details of a USDA? Who is most likely to benefit
from this kind of loan? Is it right for you? Read
on to see exactly whom this loan is meant for and
why it may be the perfect contribution for your
home buying needs.
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USDA Loans Cont
When introduced in 1991, the main goal of the
USDA loan was to allow low income Americans the
possibility of home purchase, renovation, repair
and possibly even relocation. Originally meant as
an incentive to own in rural areas, the United
States Department of Agriculture now provides to
a wide array of citizens, both rural and beyond.
Probably the greatest advantage that sets a USDA
loan apart from a traditional one is the fact
that it doesnt require a down payment. While
very obliging, a USDA loan does come with certain
requirement. Those requirements, however, arent
nearly as strict as those attached to an average
loan.
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USDA Loans Cont
There are some conditions, just like any loan,
for USDA qualification. The basics include an
income average capable of paying the loan, as
well as a somewhat rural or small town location.
However, apply to see if your location qualifies
you may be surprised to find it qualifies despite
the fact that it isnt necessarily rural. Also,
the loan must be used for a primary residence,
not a second home. The USDA loan is perfect for
those with bad or non-existent credit, as well
the United States Department of Agriculture is
more than happy to work with you and your
situation.
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• Thank you

For more information check out our blog post
http//www.nathancarlisle.com/blog/what-is-a-usda-
loan/