The USDA Mortgage is on of last 100% loan products available. Although it does now have monthly mortgage insurance it is still much lower compared to other mortgage products with MI. Besides having no down payment and low MI the loan products also allows the seller on a purchase to pay up to 6% of the loan amount towards the buyers closing cots. In most cases this is more than enough to cover all of the borrowers closing costs.

There are two main requirements to the USDA Mortgage. One is that the property has to be located in a qualified USDA area. The best way to determine if a area qualifies is to use the USDA Eligibility Map. USDA uses population to determine if a area qualifies or not. The second requirement is income. There is maximum income requirements. The key word is maximum not minimum. Borrowers should also know that income is based on combined household income not just the borrower's income. For example if a husband and wife want to buy a home using this product but the wife is not on the loan, her income is still used to determine household income.As you can see this is a great product. For more information give me a call at 501-225-5626