Before you begin to shop for a home in Dallas, Texas, you might want to see if you qualify for a USDA loan. This type of mortgage offers 100 percent financing – with no down payment – and, thanks to the backing of the U.S. Department of Agriculture, interest rates for USDA mortgages are among the lowest available.

The main requirement for USDA home financing is that the property must be in a rural location. That may not describe the city of Dallas, but you don’t have to travel far from north Texas to find an eligible area. The USDA considers regions that have less than 35,000 inhabitants to be rural, leaving you with plenty of places to look for a home just outside of Dallas.

As the USDA loan program is for low- to moderate-income borrowers, mortgages are only available for those who don’t earn more than 115 percent above the local average. But, income eligibility is based on both earnings and household size, so the number of Dallas residents who qualify for USDA financing is larger than you may think.

USDA mortgages are an excellent choice for many would-be homeowners across the country, and the professional team at PRMI Dallas can determine if that’s the case for you. For details on all of the borrowing options available to Texans and how the various lending programs compare to USDA loans – and for answers to all of your questions about home financing – give our office a call today!