100% Financing through the USDA Home Loan Program
Welcome to the Alabama USDA Homes website, where you can access information about the USDA loan program. USDA home loans stand out as a unique option in the country, as they alleviate the burden of a down payment for homeowners. This loan program, approved by USDA, offers a no Down Payment Home Loan for both first-time home buyers and current homeowners. The USDA Rural Development Home Loan program, facilitated by approved lenders, has made the dream of homeownership a reality for numerous families.
Key Features:
No Upfront Payment Required
Reduced Waiting Periods Post Short Sales and Bankruptcies
No Mandatory Classes
Lower Monthly Payments
Fixed Rates for 30 Years
Option to Include Closing Costs in the Loan
USDA loans, endorsed by the United States Department of Agriculture, enable home purchases in specific locations without the need for an initial payment. The program aims to foster the growth of rural communities by enhancing home affordability through zero down payment and reasonable credit requirements. It's important to note that the term "Rural" may be misleading, as many suburbs near or bordering populated cities are also eligible.
This loan option stands out by allowing you to acquire a home without an upfront payment, presenting a valuable opportunity for first-time buyers or individuals with limited savings. The program's flexible credit requirements further ensure that past credit challenges don't hinder your homeownership aspirations. To initiate the qualification process or gather additional information, kindly complete the Information Request form, and one of our USDA specialists will reach out to you promptly!
Additional Information on different home loan options
VA LOAN
The VA Loan is only for eligible Veteran. It offers the most flexible guidelines, and also a No down payment loan.
FHA
Flexible guidelines and more forgiving on credit then conventional. It requies a 3.5% Down payment .
CONVENTIONAL
Low Rates for borrowers with excellent credit and 20% down payment. No limits on income, area or occupancy type.
REFINANCE
Refinancing is taking a new loan to replace your existing. Getting cash out, or a lower payment or rate are all a good reason to consider a refinance.