How exactly does a USDA loan work?

0% down on a home..?
(0) | asked by: Ashley Nelson | share | 14 months ago | Report
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answer by Jason Regan    |   Visit My Website   |   Contact Me
USDA loans are given by the United States Department of Agriculture to help with urban development . As craig the best resource is to talk to a trusted lender as they work with this program on a daily basis. If you want to look up some information on line; google search USDA and click on the first non-ad link. This site will provide information and a map that will allow you to tell if the town or address you are looking at is covered. The house itself will still have to meet other guidelines of the loans besides location, but this will be a good start.
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answer by Craig Bassett    |   Contact Me
I got a USDA loan when i purchased my first home in 2012. You can get 100% financing but there is a fee involved that will be added to the sale price, it was $2500 back when i purchased but this may have changed. The home must be in a certain area and you need use a lender approved for USDA mortgages.
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answer by Andrew Kitsos    |   Contact Me
Call a local lender in your area so they can tell you what areas in your market are qualified for USDA. You may be surprised. If you qualify I believe you can get a 100% loan but confirm with a lender. A lot of the guidelines are similar to FHA.
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14 months ago  |   Report   |   share
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