USDA home loans have been increasing in popularity over the past three years, with nearly one million loans guaranteed by the USDA. People who never thought they would be able to purchase their own home have secured a zero-down, 30-year mortgage with very low interest rates. Home buyers in rural communities are turning in ever greater numbers to home loans that are now available from the USDA.
To help stimulate the rural housing market, hundreds of millions of dollars in funding have been made available to the USDA for their rural home loan program, and residents here in Oregon will be eligible to receive zero-down loans on properties that lie outside the city limits of areas like Portland, Salem, and Eugene. USDA rural home loans provide an excellent opportunity for Oregon home buyers as well as a valuable resource for rural property owners and developers. By guaranteeing zero-down, low-interest, thirty year loans to people with a fair credit background (a FICO score of 620 is required by most lenders) the USDA has helped to increase the availability of mortgage loans in rural areas, thereby stimulating and helping to stabilize rural housing markets.
USDA rural home loans are an excellent choice for first time home buyers, providing an avenue to home ownership that is affordable and free of much of the usual hassle associated with buying a home. Properties that qualify as rural can be located in most areas outside of major city limits, this excludes all areas located within the boundaries of Salem, Albany, Corvallis, Eugene, Bend, Grants Pass, Medford, McMinnville, Portland, Tigard, Beaverton, & Oregon City. With such a resource available in today’s housing market, it’s no wonder why USDA rural home loans have become so popular.