Share buttons

 

 

Home Advice You Can Count On.

We make it easy to do everyday banking at Horizon, but everybody still needs some sensible advice from time to time to help with their goals and strategies for saving, investing wisely and making the most out of your financial journey. That’s why we provide fresh advice topics to help you along the way.

Looking for specific advice? Use our search feature to explore our various topics.

USDA Loans: What You Need to Know

Family outside on a fall day

Looking to buy a home in a rural area? If you want to live in a place that offers some breathing room, you may find that you’ll be eligible for a USDA loan.

 

What is it?

A USDA loan allows for a zero-down mortgage for buyers in certain rural and suburban areas. The loans are backed by the U.S. Department of Agriculture, which has invested billions of dollars to help families buy and improve their homes.

 

USDA loan eligibility

To qualify, you need to meet certain household income guidelines — and the home you’re buying needs to be in a “rural” location, as defined by the USDA. Right now, there are plenty of qualifying locations throughout the Michiana area.

 

Private mortgage insurance is often required, but you could receive 100 percent financing if you’re unable to make a down payment.

 

Key benefits of a USDA loan

So — why consider a USDA loan? Here are a few reasons:

  • There is no required down payment, so even if you can’t save money ahead, you could still get into your own home
  • Interest rates are competitive, and guaranteed by the U.S. government
  • Credit guidelines are flexible; if you’ve experienced a financial hardship, you may still qualify for a loan — as long as you can demonstrate a stable income now
  • There is no minimum purchase price, so you can choose a home you can afford to stay in for a long time

 

Want to know more?

If you’re looking for a home, but aren’t sure you can make a significant down payment, talk to us at Horizon Bank!  We can help you determine whether a USDA loan may be right for you — and you can work with a realtor of your choice to find a qualifying home.

The web site you have selected is an external site not operated by Horizon Bank. This link is provided for convenience and informational purposes only and Horizon does not endorse and is not responsible for the content links, privacy policy or security policy of this website or app you are about to visit.  Horizon Bank is not responsible for (and does not provide) any products, services or content for this third-party site or app, except for products and services that explicitly carry the Horizon Bank name. Click Proceed to continue or Cancel to go back.