USDA loans offer one of the best ways for low- to moderate-income families to make their dream of home ownership a reality. These loans are guaranteed by the U.S. Department of Agriculture, which enable families who may be ineligible for traditional home financing options the ability to secure a home loan. The purpose of the program is to spur home ownership in rural areas.

Benefits of USDA Loans

The U.S. Department of Agriculture Rural Development loan program offers home buyers several great benefits, including:

♦ Zero Down Payment
♦ Low Interest Rates
♦ Low Monthly Payments
♦ Financing can Include Closing Costs

USDA Home Loan Eligibility

While very attractive, the USDA guaranteed home loan program does have very strict eligibility requirements.

♦ Primary Residence – The home must serve as the home buyer’s primary residence.
♦ Income Requirements – While specific income requirements vary based on family size and location, the loan program is specifically for low- to moderate-
income families.
♦ Property Requirements – You must purchase a property in a USDA-approved area, which are typically rural and suburban areas.
♦ Steady Income – You must be able to prove a steady income for at least the last two years.
♦ Acceptable Credit Score – Must have a credit score of at least 600.

Southpoint Financial Commitment to You

Southpoint Financial understands how important home ownership is to you and your family, and we want to help you make it a reality. Our experienced loan officers will explain your options and help you determine if you’re eligible for a USDA home loan. We can even refer you to a local real estate agent that specializes in USDA real estate.

Our team will work with you every step of the way by answering your questions and letting you know what to expect throughout the process. We provide our borrowers with a Loan Estimate Fee Worksheet to ensure they know exactly what costs are involved in purchasing a home.