USDA/RHS loans, backed by the U.S. Department of Agriculture, are designed to help eligible rural and suburban homebuyers achieve their homeownership goals. If you’re dreaming of a home in the countryside or a suburb, let a Meridian Mortgage Loan Officer help you determine if a USDA/RHS loan may work for you.
Understanding USDA/RHS Loans
USDA/RHS loans provide affordable financing options for those looking to buy homes in eligible rural areas. These loans offer several benefits, including 100% financing (no down payment) and the option to roll closing costs into the loan balance.
Eligibility for USDA/RHS Loans
Eligibility for USDA/RHS loans is based on location, income and credit history. The home must be located in a USDA-eligible area, typically a rural or suburban region. There are also income limits that vary by region, ensuring these loans assist those who need them most.
Advantages of USDA/RHS Loans
- No Down Payment: Like VA loans, USDA loans offer 100% financing, allowing eligible buyers to purchase a home without a down payment.
- Can be lower mortgage insurance: Creditworthy, low-to-moderate income borrowers may be eligible for the FNMA HomeReady program.
We Can Help
USDA/RHS loans can make homeownership possible for those looking to purchase in eligible rural or suburban areas. If you’re ready to take the first step toward owning your dream home, contact a Meridian Mortgage Loan Officer today to discuss how a USDA loan can benefit you.
