Who Benefits?

 

USDA loan programs were created to provide affordable homeownership opportunities to those with low- to moderate-incomes in rural areas. Don’t rule yourself out if you think your area doesn’t qualify - the USDA considers 97% of the country as “rural”. Their programs are not limited to first-time homebuyers.

Unlike other loan programs, things like daycare expenses and other allowable expenses may be deducted from your annual income to help keep you under the limit. Your Flat Branch Home Loans mortgage banker can calculate your household income to make sure you are eligible.

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Program Highlights

Here's a glimpse of key benefits and guidelines for USDA loan programs:

• Up to 100% financing available

• No down payment needed

• Competitive interest rates

• Low monthly mortgage insurance

• Flexible credit requirements

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Property Criteria To qualify for a USDA home loan, properties must meet specific requirements:

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• Rural or suburban residence

• Excludes income-producing land or structures

• Roof should have a remaining life of at least 2 years

• Permanent, safe, and sufficient floor or wall heating sources accepted

• Remediation of wet basements or crawlspaces before closing

• Mandatory presence of smoke detectors and adequate hot water services

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Curious about the USDA eligibility of a property you're eyeing? Reach out to your Flat Branch loan officer or visit the USDA website for an eligibility map.