VANDYK MORTGAGE FORT MYERS
RURAL HOUSING (USDA) MORTGAGE
Rurall Housing (USDA) Loan
Best for:
Buyers looking to purchase a home in a rural or suburban area with no down payment and minimal investment.
What it is:
A USDA loan is one that is backed by the U.S. Department of Agriculture. This type of mortgage loan offers many advantages for borrowers who may not qualify for other programs, such as flexible credit guidelines and low monthly mortgage insurance costs. It is important to note that properties that qualify for USDA funding must fall within certain geographical areas.
USDA Loan Pros and Cons
Pros:
No down payment option
Flexible credit and qualifying guidelines
Ability to finance repairs and closing costs into loan
Cons:
Geographical restrictions
Income limits
Single family, owner occupied homes only – no investment properties