7 Useful Facts About the USDA Rural Development Loan

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7 Facts About USDA Mortgage Loans
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Introduction
The United States Department of Agriculture
(USDA) Loan is a loan program specifically for
home buyers with a lower than average credit
score. First-time home buyers can benefit greatly
from buying a home in the rural areas. However,
there are various myths encircling the USDA loan
program.
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Useful Facts About USDA Mortgage Loans
1. A USDA Loan Is Not Only for Rural Areas

• Urban areas are also eligible for the loan
  program. 
• Check suburban areas for eligibility 

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Useful Facts About USDA Mortgage Loans
2. No Down Payment

• The government introduced a no down payment
  standard for the USDA loan program to encourage
  home buyers to buy properties in rural areas. 

3. Income Limits

• Incomes over a certain amount won't be eligible.

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Useful Facts About USDA Mortgage Loans
4. Cheaper and Affordable Mortgage Insurance

• A USDA Loan charges a low percentage of the
  remaining loan amount to cover the insurance
  amount, making a USDA mortgage cheaper.

5. Not Restricted to First-Time Home Buyers 

• Anyone can apply for the USDA loan program who is
  eligible.
• You cannot own another property until the first
  USDA mortgage loan has been paid off.
• You can apply for the next loan once the first
  USDA mortgage loan is paid.

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Useful Facts About USDA Mortgage Loans
6. No Cap on the Loan Amount

• No cap on the upper limit of the loan amount.
• The income amount must fall below the threshold
  limit to remain eligible.

7. Accepts Lower Credit Scores

• A loan program is a conducive option in case your
  credit score is low since the requirement is
  lower than traditional loan programs.

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Hiring a USDA approved lender will help you
qualify for a loan and process all documents for
you. Working with experts will help you
understand the requirements of the home loan
program that best suits your needs. Drew
Mortgage Associates, one of the leading USDA
mortgage lenders in Boston, MA, provides a wide
range of services, including USDA loan
consultations.
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Find More Details at -
https//www.drewmortgage.com/7-useful-facts-about-
the-usda-rural-development-loan/
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DREW MORTGAGE BRANCH OFFICES
CORPORATE HEADQUARTERS 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone [phone]
Boston Mortgage Lenders 232 Commercial
St Boston, MA 02109 [phone]
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 [phone]
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