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The “Rural Housing” loan, more commonly referred to as a USDA loan, is a loan which encompasses a 100% financing program insured by the United States Department of Agriculture, handled by the Rural Development Department within the United States.
It comes to no surprise, the USDA loan is one of the most popular in the country, especially at Primary Residential Mortgage, Inc., for many reasons, including, but not limited to; no down payment is required, no mortgage insurance thus making the loan cheaper, and the borrower can save a sizable amount of money each month compared to other loan options.
Without question, the USDA loan route is a true 100% financing option.
The USDA option is a flexible program with low interest rates that also bring no penalty of staying in the home or paying it off early. Within this loan option, the seller of a home has the ability to pay off all closing costs, thus saving the buyer money during this time.
And better yet, the USDA route does not require a perfect credit score, nor a near perfect one. Instead, the USDA loan option allows for a flexible and understanding look into financial or credit mistakes in the past.