USDA loans offer considerable benefits to Brownsville residents who want to buy a home in an eligible area. The U.S. Department of Agriculture insures these mortgages, and while the purpose of the home loan program is to promote economic growth in rural areas, lenders are often willing to offer favorable terms.
The advantages of the USDA loan program are many. The flexible credit guidelines, low income threshold, competitive interest rates and low monthly mortgage insurance make this type of home loan worthy of consideration. But the greatest benefit may just be the ability to borrow 100 percent of the purchase price of a home – with no down payment. Not having to spend years saving up the funds open the doors of homeownership, making it possible for many Texans to buy properties sooner.
Think that USDA home loans are only for agricultural properties? This is a common misconception. While the eligible areas are non-urban or rural, the USDA defines that as being an area populated by less than 35,000 people. Since much of southern Texas fits that description, home buyers should never assume that they can’t get a USDA-backed loan to buy a property.
The mortgage professionals at PRMI, a USDA-participating local loan originator, can match you with a mortgage solution that meets your needs and fits your budget. The best choice may be a USDA loan – to find out, get in touch with us today.