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Settling down in a rural area might mean paying more for your mortgage. Before you apply for a regular loan, you might want to think about a USDA loan. These loans offer low down payments and no maximum purchase price, making them a good option for rural homebuyers.

Not sure about USDA loans or where to start applying? Bank Central can help you figure out what's right for you and your finances. 

Types of USDA Home Loans

The United States Department of Agriculture (USDA) offers two types of loans for single-family homes: Single Family Housing Guaranteed and Single Family Housing Direct.

These loans have different requirements, but overall, they offer low down payments, no monthly mortgage insurance, and lower payments compared to traditional mortgage loans. Other benefits include:

  • Closing costs can be included in the loan
  • Government-backed loan
  • Funds can be used to buy and fix up a home

Single Family Housing Guaranteed

Approved lenders help low- or moderate-income families to buy homes in eligible rural areas. You don’t have to be a first-time buyer to qualify.

Single Family Housing Direct

This program helps low-income individuals get housing in eligible rural areas with payment assistance. The amount of assistance you get depends on your financial situation.

Other USDA Home Loan Options

If you don’t want a traditional single-family home, or if you just need to fix up or refinance your rural home, there are other USDA loan options available:

Am I Eligible for a USDA Home Loan?

Your eligibility depends on where you want to buy a home and your household income.

Find out if a USDA Home Loan Works for You

Picking the right loan for your future home is easier than you think. Getting prequalified speeds up the process. Visit your local Bank Central location to get a personalized USDA home loan quote or complete your prequalification online today.