{"id":4235,"date":"2015-07-27T11:00:30","date_gmt":"2015-07-27T17:00:30","guid":{"rendered":"http:\/\/www.richmondamerican.com\/blog\/?p=4235"},"modified":"2025-09-12T16:57:40","modified_gmt":"2025-09-12T22:57:40","slug":"what-is-a-usda-loan","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/what-is-a-usda-loan\/","title":{"rendered":"What is a USDA Loan?"},"content":{"rendered":"<p>The USDA (short for United States Department of Agriculture) doesn&#8217;t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you&#8217;re a low- to moderate-income applicant in an eligible rural area, USDA financing might be a good option for you.<\/p>\n<p><strong>Types of USDA loans<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Direct loans<\/strong><br \/>For low-income applicants. These loans are issued directly from the government to the buyer, and require no down payment or USDA Guarantee Fee.<\/p>\n<p style=\"padding-left: 30px;\"><strong>Guaranteed loans<\/strong><br \/>For moderate-income applicants. A guaranteed loan is not made directly by the government, but rather by lenders who receive backing from the USDA in the event the borrower defaults on the loan. You&#8217;ll pay no money down, but you will have to pay USDA Guarantee Fees.<\/p>\n<p><strong>Other buyer benefits<\/strong><br \/>In addition to saving money on a down payment, you&#8217;ll also enjoy these advantages of a USDA loan!<\/p>\n<ul>\n<li><strong>Gifts are allowed:<\/strong> No down payment means you won&#8217;t need gift funds from a family member, but gifted money can be used to pay closing costs.<\/li>\n<li><strong>Less than perfect credit:<\/strong> You don&#8217;t typically need spotless credit to qualify for a USDA loan. The USDA Guaranteed Loan Program accepts lower FICO scores.<\/li>\n<li><strong>No first-time homebuyer requirement:<\/strong> Some loan programs require you to be a first-time homebuyer, and to take homeowner counseling. With the USDA, however, a history of homeownership will not impact your ability to get a loan.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>How can I learn more?<br \/><\/strong>Contact <a href=\"http:\/\/www.homeamericanmortgage.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">HomeAmerican Mortgage Corporation<\/a> (HMC) (<a href=\"https:\/\/www.richmondamerican.com\/terms-conditions#RAcompanies\" target=\"_blank\" rel=\"noopener\">see licensing info<\/a>) to learn about current programs and find out how to quality. Call a mortgage loan originator toll-free at <strong>866.400.7126<\/strong> today!<br \/><br \/><\/p>\n\n\n<div class=\"cross-sell\">\n  <div class=\"cs-content-new\">\n     <div class=\"u-width-30 cs-image\"><a href=\"https:\/\/www.richmondamerican.com\/campaigns\/2031\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"post-img u-width-100\" src=\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2023\/08\/CrossSell_PreparingForAMove-feature_BLOG.jpg\" alt=\"Woman at desk on cell phone\"><\/a>\n     <\/div>\n     <div class=\"u-width-70 cs-content\">    \n       <h4>Need some help with your new home search?<\/h4>\n       <p>Contact one of our local experts!<\/p>\n       <p class=\"m-top-40\"><a class=\"btn-rah\" href=\"https:\/\/www.richmondamerican.com\/campaigns\/2031\" target=\"_blank\" rel=\"noopener\">Learn more<\/a><\/p>\n     <\/div>\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The USDA (short for United States Department of Agriculture) doesn&#8217;t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you&#8217;re a low- to moderate-income applicant in an eligible rural area, USDA financing might [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[150,206],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2015\/07\/VIR-LovettsvilleTownCenter-Fence_w1.jpg","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>What is a USDA Loan? - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"If you&#039;re a low- to moderate-income applicant in an eligible rural area, a USDA loan may be a good option. 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