The USDA loan is quickly becoming a favorite because of the true no money down options, but did you know that there are really about 6 true “advantages” to the USDA loan over other loan options.
6 USDA Loan Advantages
- The USDA loan is a true no-money-down loan
- The USDA loan doesn’t have monthly mortgage insurance which saves you money each month on your mortgage payment
- The USDA loan doesn’t have a maximum loan limit like FHA and conventional loans
- You don’t need to have saved up a down payment in order to qualify for a USDA loan
- It is possible to get your earnest money back at closing with a USDA loan
- Qualification for the USDA loan is typically easier than conventional or even FHA financing
With the changes in the FHA loan programs over the last few years, many people are finding that FHA loans are getting tougher to qualify for and have raised the minimum credit scores as well as other qualifying criteria. Conventional loans are also getting tougher to get – and the one program that has remained pretty much the same is the USDA loan program.
So if you are in the market to buy a house, don’t have a lot of money to put down and want to see what your options are: the USDA loan program is going to be hard to beat.
Contact a USDA loan expert to see what your USDA loan options are today.