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There are several different types of USDA home loan programs designed to meet your specific needs.
Below are some the most used USDA loan programs.
To distinguish between the tow major programs USDA offers the USDA Direct loan program and the “USDA Guaranteed Loan Program
First Time Home Buyers
If you are a first time home buyer you may be eligible for discounts and grants to help with qualifying for USDA Home Loan. Specifically, grants are available to help with your income and living assistance. Also, you may be eligible for a discount on your interest rate and closing to help lower your payments.
Senior Citizens
People over the age of 62 are eligible for a 15% discount on their closing costs and can receive an interest rate reduction by lowering their payments.
Income Restricted
If your income is below 80% of the median income for your county you may qualify for an extended term on your loan to lower your payment by 35%. Also you can get grants to help cover all the costs.
People with Disabilities
If you are a person with disabilities the USDA can help with their Direct Home Loan Program. We can set up the loan to have your payment reduced and there are grants available to help with modifying your home to suit your needs. Also, the USDA loan program can be set up to where you incur no out of pocket expenses. |
