USDA Loans are mortgage loans that provide people in low-population, rural areas with the opportunity to buy a home.
If you live in a place with a population of less than 35,000 and you cannot qualify for a conventional loan, you may qualify for a USDA guaranteed loan or a USDA direct loan.
What are the qualifications for a USDA Loan? This specific loan type has lower qualification standards than conventional loans.
More specifically, USDA Loans are for people with lower incomes who can’t qualify or pay for a standard loan.
For more info, contact a HBLending Home Loan Expert.