USDA Loans

USDA Loans to Finance a Beautiful Rural Home

Government-backed loans offer a path for would-be homeowners to purchase a home with great benefits. The Rural Development program is a government-backed lending solution for clients who are open to purchasing a home in non-urban areas. This home financing option features low interest rates and 0% down payments and is open to many types of clients. If you live in Boise, Meridian, Twin Falls, or nearby communities in Treasure Valley or Magic Valley, a USDA loan may be the right solution for you. The Boise River Lending mortgage professionals have more than 20 years of experience helping connect clients with these and other mortgage options. Contact us today with any questions you have and get started on the path to homeownership.

All About USDA Loans

There are three main types of USDA loans: loan guarantees, direct loans and home improvement loans and grants. We offer loan guarantees, which are funded by private lenders – like Boise River Lending – but insured through the U.S. Department of Agriculture (USDA).

USDA guaranteed loans are a type of nonconventional loan; that is, the federal government insures them, but fully funded through government-approved private lenders. This means they are more heavily regulated than traditional private loans, but they have amazing benefits because they are less of a risk to lenders. Other types of nonconventional loans include VA loans (through the U.S. Department of Veterans Affairs) and FHA loans (through the Federal Housing Administration). Each is designed to promote homeownership among citizens who might otherwise not be able to purchase a home or to encourage development in an area – like a USDA loan.

The Benefits of a USDA Loan

USDA loans are a great jump-start to living in the home of your dreams. Benefits include:

  • No down payment
  • 30-year fixed low interest rates that typically beat conventional loan rates
  • Low private mortgage insurance (PMI)
  • Flexible approval requirements for credit
  • No maximum purchase price limit

Eligibility for USDA Loan

If you are considering a USDA loan, you will need to consider certain baseline eligibility requirements and choose to purchase a home in a location deemed eligible. There are several rural and suburban areas eligible for USDA loan financing in Treasure Valley and Magic Valley. Our team can help you explore different areas to purchase.

In terms of your personal eligibility for this nonconventional loan, you will need to provide sufficient income verification and credit history that shows you are able to make your payments and other costs of living like PMI. Minimum and maximum income requirements vary depending on your exact location and how many people are in your family. We can determine your eligibility during a one-on-one consultation.

Wide Open Spaces for a New Home and a New Start

If you would love to purchase a home in suburban or rural Idaho, the Rural Development program is one of the best opportunities available for home financing. The Boise River Lending team values our client relationships, and we want to help you achieve your dreams. If you are considering purchasing in Boise, Meridian, Twin Falls, or nearby Treasure Valley or Magic Valley rural areas, contact us to learn more about USDA loans today.