The government offers a number of different loan assistance programs. However, there is one program that is less-known than others—the USDA Home Loan. The loan program was developed as part of the USDA’s rural development program. The goal of the program is to “improve the economy and quality of life in rural America.” The most exciting thing about a USDA loan is that it requires no money down—making home ownership accessible for those who may not have thousands sitting around for a down payment.
Not Just for Farms
Even if the idea of a no down payment loan sounds tempting, you may be thinking that the USDA loan wouldn’t work for you because you’re not interested in living on a farm or in an rural area around Louisville, KY. You may be surprised to find out how many regions qualify. In fact, many semi-rural areas even qualify for lending through the program. You can use a home search website like Zillow to find properties that qualify, or if you are working with an agent, you may get an even better insight.
Perfect for First Time Homebuyers
First-time homebuyers are often at a loss for what type of loan to use. The USDA loan is a great choice because not only does it require no down payment, you may not even need to use PMI with your purchase. There are income requirements, but for many people who are looking for their first home around Louisville, KY, the USDA loan is an excellent choice.
If you have questions or concerns, feel free to reach out to us by email or phone. We are happy to help you determine if the USDA loan is a good choice for you and your family.