If you’re a low- to moderate-income buyer, or just someone without a significant down payment saved up, then a USDA loan might be the perfect path to homeownership for you.
The USDA loan program allows homeowners to purchase a qualifying rural property for no money down. Like any mortgage option, you will need to meet certain criteria, though. The primary qualifying factors are your income, for which limits will vary by area, as well as the location of the property.
You can click here to learn more and for access to a loan availability map showing what properties near you may qualify.
Homes located within Stoughton city limits, for example, are ineligible, but areas just to the north (near Madison) do qualify—as do properties in the Village of McFarland, the Village of Oregon, Deforest/Windsor/ Mount Horeb, Cambridge, and many other municipalities.
The bottom line is that the USDA loan is a great option for those savvy enough to take advantage.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.