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Most people have heard of the USDA Rural Housing programs, but don't know much about them or the positive benefits they can offer. According to the USDA, Rural Housing programs are designed to support economic and social well-being of rural communities by providing affordable, safe, and decent housing to rural Americans. The program offers no-down payment loans, flexible credit requirements, discounts on closing costs and much more. Here are some of the positive benefits of USDA Rural Housing programs.
No Down Payment: One of the most attractive features of the Rural Housing programs is they require zero to very low down payments. This can make a huge difference for potential home buyers who can't afford or qualify for a traditional loan with a large down payment.
Reduced Closing Costs: USDA Rural Housing loans also come with reduced closing costs. Closing costs typically represent 3 - 4 % of a home purchase in the United States. The USDA Rural Housing programs offer up to a 50 % discount on closing costs, making it easier for people to afford their dream home.
Flexible Credit Requirements: USDA Rural Housing loans also have less stringent credit requirements than most traditional loan products. The USDA looks at an applicant's overall credit score and payment history rather than focusing on just one factor. This means that people with less-than-ideal credit may still qualify for a USDA Rural Housing loan.
More Freedom to Choose Your Home: The USDA Rural Housing programs have more relaxed restrictions on the home you can purchase. This includes lower minimum property requirements like size, age, and condition. This gives potential home buyers more freedom to choose the right home for them.
These are just some of the positive benefits of the USDA Rural Housing programs. With no down payment requirements, reduced closing costs, flexible credit requirements, and more freedom to choose a home, the USDA Rural Housing programs can provide huge benefits to those eligible for them. So if you are looking for an affordable, safe, and decent home, look into the USDA Rural Housing programs today.