Benefits of a USDA Mortgage Loan
FAQ About Using a USDA Mortgage Loan
USDA Guaranteed loans do not have set loan limits, but do have rather detailed income limits that are designed determine your maximum loan limit at 100% financing.
The first thing you need to do is look up the address to see if it's located in a 100% USDA eligible area - Click Here for USDA Address Lookup
Under certain circumstances, you can finance your closing costs if you're buying using a USDA mortgage loan.
To be eligible to finance your closing costs, the appraised value must come in over the purchase price. You can finance up to 104% of the appraised value of the home.
For most home buyers, this makes any remaining out of pocket cost incredibly manageable.
USDA mortgage loan guidelines allow 100% financing up to the appraised valued of the property, based on your income eligibility.
Any purchase price above the maximum you qualify for must be brought in as down payment.