What are the Benefits of a USDA Home Loan in Royal Oak? USDA home loans are often referred to as rural development loans and are backed by the Federal Government and the United States Department of Agriculture. The program was established over 30 years ago to improve the rates of home ownership in but not limited to more rural areas. There are 6 benefits that make USDA home loans very popular, especially where purchasing or refinancing is concerned or when renovations and repairs are needed: • 100% financing is available and no down payment required • Borrowers who’ve filed bankruptcy in the past or were foreclosed on may still quality for a USDA home loan • Closing costs can be financed • Compared to conventional mortgages, USDA credit requirements are more lenient • USDA home loans feature lower, competitive fixed-interest rates • USDA home loans were designed for lower-income applicants In addition to financing their closing costs into the loan, buyers have the option of getting seller assistance for minimal costs. Furthermore, these loans typically have low fixed-interest rates. The fact that no down payment is required makes this a very popular home loan to consider. An individual may be eligible for a USDA home loan provided they meet the required income guidelines and they purchase a home in a designated rural area. https://www.google.com/maps?cid=12393257419259215781