A few news outlets have recently reported that the American Dream of owning a home seems to be fading away. However, the United States Department of Agriculture (USDA) wants to remind people that home ownership is still quite possible for many people.

How USDA Can Help RentersThe USDA offers a mortgage program with a few criteria. If you meet the criteria then you can get a loan without a down payment requirement. So, what are the criteria?

1. Your income has to fall within an acceptable limit based on your living area.
2. The home you wish to buy must be located in a zone designated "rural" by the USDA.

Your loan officer can help you determine if your income is in the right range and if the home you wish to purchase is in an acceptable area.

Benefits of the LoanBesides the fact that the USDA does not require a down payment, there are quite a few other perks. For instance, while the primary guidelines state that a person needs to have a minimum credit score of 620, it is possible to get an exception to this rule with good reasons. In addition, the interest rates are quite close to the rates for a conventional loan. The mortgage insurance premiums are also quite low. Finally, if the home's value is high enough, the closing costs can be included with the total loan amount as well.

If you think you would be interested in pursuing this type of no money down loan you should contact your Inlanta Mortgage representative and find out if you meet the guidelines for the USDA mortgage loan.

Visit our USDA Rural Housing page for additional information on the program or to see if you qualify, contact us or apply online!