Do you know that you can now buy a house without bothering about putting any money on the closing table? Yes, you heard it right. Maybe it sounds too good to be accurate, but you can do it now
The United States Department of Agriculture made it possible with their rural development loan. Well, the rural development loan is also known as the USDA loans. According to the authorities, it will help numerous potential home buyers. Besides, it will provide them with multiple perks. So, it doesn’t matter if you are living in Utah or any other place in the United States, you can avail the USDA home loans in Utah. Now, let us discuss the benefits of it.
You don’t have to pay any down payment
This is one of the most significant benefits of a rural development loan. With this home on your side, you don’t have to worry about the financing. This loan will allow you with 100% financing, and it is one of the most excellent benefits of it. Most of the times, the homebuyers have to go through a lot of struggles while gathering the funds for the down payment. But the USDA home loans will take care of the down payment.
Interest is lower compared to the market rates
Well, the U.S. Department of Agriculture has insured this loan. So, compared to the other market loans, the interest rate is pretty low. With this loan on your side, you don’t have to go through the stress of high interest. Besides, you don’t have to worry about your credit score if you are about to avail this loan. Also, there is no need for down payment. So, you can consider it as a convenient option compared to conventional financing.
The monthly Private Mortgage insurance is pretty low
Well, PMI is applicable for any loan where the loan-to-value is less than 80 per cent. It doesn’t depend on the loan program. So, if you are enjoying the perks of the USDA loan by not paying the down payment, you have to pay the monthly mortgage insurance. However, the best part about this loan is that the rate of mortgage interest of this loan is the lowest of all. Moreover, the price will not change if your down payment changes.
The credit guidelines are quite flexible
Now, this is one of the most exhilarating parts of government loans. There are various government loans where you can borrow money even if you have a limited credit history. Also, if your credit history is not qualifying you for the home finance, you can avail those loans. Rural development loan is one of those loans. In the case of the USDA loans, you can present your lender with alternate trade lines like utilities, rent, cell phone bills and numerous other things.
You can finance the upfront EMI
Like the FHA loans, you have to pay the upfront loan in case of the rural development loan. Well, you have to pay the premium of two per cent. Well, the USDA loan will allow you to roll your fee into the financing. This will help you to close the loan without worrying about any down money.
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