USDA loans are a popular option for homebuyers because they don’t require a down payment.
Buying a home? Click here to perform a full home search
Buying a home? Click here to perform a full home search
If you’re looking to buy a home and need a loan, there are a lot of different options out there. You can get an FHA loan, VA loan, or even a conventional loan. However, there’s one specific option that we’ll take a look at today: USDA loans.
One of the great things about USDA loans is that they don’t require a down payment. If you qualify for one, that could save you a ton of money.
How do you qualify for this type of loan? For starters, you need a credit score of at least 640. The other thing to know is that not all homes qualify for USDA loans. There are only certain areas where homes qualify for this type of loan. If you’re in Kingman, Golden Valley, or Dolan Springs, you’d qualify automatically. If you’re in Flagstaff, you’d need to be in an area like Belmont, Williams, Winslow, Mountain Air, Frontier Hills, Cucina VIllage, or Trail’s End to qualify.
I recently got a call from a homebuyer client who qualified for a USDA loan based on their credit score, but also just locked in a 3.25% interest rate. Not only does he get to avoid a down payment, but he also gets the best possible interest rate he can get. He’s purchasing a home that’s worth around $200,000 and it’s a fantastic opportunity that’s out there for even more buyers.
If you are interested in buying a home or learning more about USDA loans, don’t hesitate to give us a call or send an email. We would love to hear from you soon.
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