According to the USDA:
A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan, and you will always have a fixed interest rate.
In order to qualify for a USDA loan your home must be located in a designated USDA rural area. You can check the USDA map to find out if you live in a qualified area. If you live in an area that is eligible these are some of the perks to a Minnesota USDA Home Loan:
- Loan duration is for 30 years.
- No down payment is required.
- Seller pays closing costs.
- No mortgage insurance.
To be clear, you do not need to own or run a farm to qualify for this type of loan, although you could if you wanted to. The loan is available to make it easier for people that want to live a little further from the cities, and still make things affordable.
If you are interested in a Minnesota USDA Home Loan or would just like more information, I encourage you to contact me with the contact form on the right. You can also call me at work at 763-400-7537 or on my mobile at 952-807-8532. I have issued hundreds of different loans, so I have experience in finding the best Minnesota home loan at the lowest rate possible. I am a fully licensed mortgage broker for the state of Minnesota, with the experience necessary to get the best loan for you.