What Is a USDA Home Loan?
Abstract
Thanks to the expansion of the USDA program, borrowers looking to purchase a property or refinance one in rural or even suburban areas could qualify for a USDA home loan even if they don't meet the standard for a traditional mortgage loan. Chief among the perks associated with a USDA home loan is the no down payment feature, differentiating a USDA home loan from other mortgage products. Do USDA Loans Have PMI? A common question around USDA loans is 'do USDA loans have PMI?' PMI stands for private mortgage insurance. USDA vs. Conventional Loans Conventional loan products are still the most popular type of mortgage for American homebuyers, but USDA loans cater to a specific demographic. For potential homebuyers asking themselves how to get a USDA loan, you can explore USDA loan options and all the perks they offer on Total Mortgage, including a 30-year fixed USDA mortgage. Suppose the property and the borrower meet the criteria for a USDA loan, you could start the application process for a 15-year or 30-year USDA loan online at Total Mortgage today, whether you are looking to buy your first home or refinance. Explore Loan Programs from Total Mortgage Now that we have answered questions such as how to apply for a USDA loan, how to get a USDA loan, and do USDA loans have PMI, you might be ready to take the next step.