USDA


USDA loans are government-insured home loans

Guaranteed through the U.S. Department of Agriculture, USDA loans are government-insured home loans that allow borrowers to purchase homes in designated 'rural' areas with no money down. The 'rural' regions outlined by the USDA vary greatly and can frequently include suburban areas neighboring major metropolitan cities.

Offering 100% financing with fixed rates for 30 year terms, USDA loans (also known as the USDA Rural Development Guaranteed Housing Loan or Section 502 Loan) are unique in that they are currently the only zero money down mortgage program available for non-military personnel. They also provide the opportunity for the closing costs to be paid by the seller or financed into the loan amount.

USDA Loans were originally established in 1991 to increase the number of homes purchased in rural areas. With the U.S. Department of Agriculture loosely defining 'rural' areas, many properties located in communities near large cities are eligible. These loans are available for both first time home buyers and repeat home buyers and offer competitive interest rates. Only a limited number of specially approved lenders, like First Choice Loan Services Inc., are able to offer this program.

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