Zillow Advice: Home Buying - Experience with USDA loan http://www.zillow.com/advice-thread/Experience-with-USDA-loan/538859/ Zillow Advice | Zillow Real Estate Hello!We handle a lot of ... http://www.zillow.com/advice-thread/Experience-with-USDA-loan/538859/ <p class="MsoNormal">Hello!</p><p class="MsoNormal">We handle a lot of USDA loans in our office because we are in a very rural area.</p><p class="MsoNormal">Most lenders are going to be looking for at least a 640 fico, but some will work with a 620 if you have good compensating factors.</p><p class="MsoNormal">With USDA there are income limits and the house must be located in an eligible area, you can use this site to answer those questions.</p><p class="MsoNormal"><a href="http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do" rel="nofollow">http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do</a></p><p class="MsoNormal">All in all USDA is a great program for moderate income people looking to get into a great property. The interest rates are lower, and the mortgage insurance is nearly half of an FHA loan, and the 0% down helps you keep money in your account for new furniture or updates to the home.</p><p class="MsoNormal">Hope that helps!</p> Fri, 02 May 2014 14:49:00 GMT http://www.zillow.com/advice-thread/Experience-with-USDA-loan/538859/ 2014-05-02T14:49:00Z I think it is a great product ... http://www.zillow.com/advice-thread/Experience-with-USDA-loan/538859/ I think it is a great product 100% financing - you cannot beat that and the mortgage insurance is lower than a FHA home loan.&nbsp; No reserves required and you could roll in some of your closing costs into the loan.&nbsp;<br/> <br/>You can start here htt://www.urdev.usda.gov/&nbsp;and see what the income eligibility limit is and if the area you are looking at is USDA approved.&nbsp; <br/><br/>Overall great program, if you would like to go ove your scenario feel free to reach out to me through my profile. Thu, 01 May 2014 23:51:00 GMT http://www.zillow.com/advice-thread/Experience-with-USDA-loan/538859/ 2014-05-01T23:51:00Z