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Length | 1m 26s |
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Moving somewhere that’s not “the city”? Then it’s worth checking out the no-downpayment USDA mortgage, that’s USDA as in the United States Department of Agriculture. Yes, that USDA — the government agency best known for its work with farming, forestry, and food — also does work in housing.
And its mortgage program is spectacular. The loan is called the USDA loan (go figure) and it’s a no-money-down mortgage with government-assisted mortgage rates for buyers of modest means buying modest homes, which means first-time buyers can get a 30-year fixed-rate mortgage at that averages a quarter-point below comparable rates for other loan types, which makes a big monthly difference in your mortgage payment and your home affordability. Plus, USDA loans are no money down which means you can put down as much or as little as you want – the average down payment is just 2.12 percent.
So – if you’re buying anywhere that is not dense with people – the outskirts of a city, a college town, the suburbs, the far suburbs — anywhere – the USDA mortgage may be your best path to homeownership. So use the USDA eligibility map and see if your future home is eligible for the lower rates, lower payments, no down payment option the USDA mortgage brings. I’m Dan with Homebuyer.com, the mortgage company for first-time home buyers.
Happy homebuying.
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