Home Blog Here are the Benefits of VA and USDA Loans

Here are the Benefits of VA and USDA Loans via @homebidz

Here are the Benefits of VA and USDA Loans

Many home seekers are not aware of the different types of mortgages that are available to them. There are several different programs that are available if you fall within a certain category.

VA Loans for Military Personnel

For military personnel, the U.S. Department of Veteran Affairs offers VA loans. For rural home seekers, the U.S. Department of Agriculture offers USDA loans. VA loans are specifically designed for members of the military and also their families. These are considered to be guaranteed, government loans. Essentially, this means that the lender will not suffer from any losses if you happen to default on your mortgage. The VA will actually pay what is lost to the lender. One of the biggest benefits that many military families gain through this type of loan is that they can easily gain access to 100% financing on a home. This, in turn, means that they will not be required to pay a down payment of any kind. Interest rates are also much lower than other loans.

USDA Loans for Rural Areas

USDA loans are specifically for home seekers who meet certain requirements. A couple of these requirements will include being a resident in a rural area and have a low to moderate income. There is also another requirement that relates to past housing applications. A USDA loan is only eligible for rural residents who have not be able to obtain any other type of loan that is under the category of "conventional." Also, an income that is less than 115% of the average in your residential area. The down payment and interest rates will vary with this loan as well. Talk to your lender to find out what types of loan are best for your particular situation. Interest rates, down payments, income, location, and more are all things to consider with mortgage loans.

Latest Posts

The Art of Changing Realtors When You Need to via @homebidz

The Art of Changing Realtors When You Need to

First Time Home Buyers Click Here Finding a realtor can be kind of like dating. There are a ton of them, each with their own set of pros and cons, different areas of expertise, etc. So, when you start forming a...
Loans, Fees, and the Real Cost of Owning Your Home via @homebidz

Loans, Fees, and the Real Cost of Owning Your Home

Need a Home Loan? We know this may come as a shock, but that home that’s for sale for $350,000 will actually end up costing about $575,000 over time. How? Between the interest rates, insurance, property tax, and...
Rent to Own vs. Traditional Mortgages via @homebidz

Rent to Own vs. Traditional Mortgages

Need an FHA Loan? It’s no secret that most people seek out rent-to-own home options over traditional mortgages because of credit issues: either their credit is fair or poor or simply just unestablished. Depending...
Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need to...
Taking the First Step on Your Rent to Own Journey via @homebidz

Taking the First Step on Your Rent to Own Journey

Looking for Rent to Own? When considering a rent to own journey, there certainly are a couple different choices. Each requires the rental property itself, two authorized documents, and then -- sometimes -- an...
Simple Ways to Save for Your Down Payment via @homebidz

Simple Ways to Save for Your Down Payment

Need Family Support? There are a lot of different ways to purchase a home. You can get creative and try owner-financing, or even buying a home at an auction. For the majority of us though, we’re still using banks and...

Categories

Things To Know