USDA guaranteed mortgages were created to encourage home ownership in rural areas. In fact, many of the areas that Freedom First serves are considered rural areas! Did you know that USDA allows 100% financing? That is right, no down payment required! Farming and agriculture are not requirements. In fact, many property types are allowed: new and existing homes, modular, brand new manufactured homes.
Eligibility depends on two things: property location and income, which must be less than 110% of the area’s average income. Both property location and income eligibility can be checked on the USDA website.
If you are interested in buying a home, but may not have enough saved for a large down payment, a USDA guaranteed mortgage may be worth some consideration.