A house is known to be one of the basic needs of the human civilization, hence it is saddening that almost half the population of this world isn’t having some or the other kind of place which they can call home. To encounter this situation the government has come forward multiple times so that each and everyone present in the country is able to get a home for their selves. This time to the government has come up for the help of people and hence providing them an affordable solution to the loan. This is the USDA home loan. It is a zero down payment loan, hence you need not to give any amount of money as a lump sum in order to repay the loan to the bank. The loan has been issued under the programmer of rural development guaranteed housing loan program by the department of agriculture in the United States. The program brings lots of benefits with it and hence has many beneficiaries. Some more information regarding the same is given below, so definitely check it out.
Eligibility for the loan
If you are looking for getting your loan approved then you should first be eligible to apply for it, some mandatory eligibility for the same are given below, so definitely check it out:
- The person should be a resident of the United States of America that is the person should be having citizenship of the place or should be holding permanent residency.
- A monthly salary should be issued to the person. A credit score of 650 or above is enough for the person for applying for the loan, even when he or she has a high debt ratio.
- The income that you are getting should be stable that is for a minimum period of 24 months you should be having a job that won’t fire you.
- A decent history of the credits. Having an acceptable history for your credits is something that is essential for the most type of loans so take a note of it.
Benefits of the loan
The loan is being issued to help the people of the rural community to get a home for themselves, hence it holds many benefits with it, some of which are mentioned below.
- No down payment required.
The fact that the government is allowing the hundred percent financing of the loan is a great fact itself. People who are eligible can now make their dream come true with this.
The rate at which the loan is available is lower than the market rate.
Getting a loan from USDA has solved the housing problem for many individuals.