The interest rates today are at a historically low and you may be looking for ways that you can take advantage and buy your part of the American Dream. You may not have the 20% down payment required for conventional loans or even the 3.5% down payment needed for FHA Home Loans. One great possibility for you could be USDA Home Loans!

The FHA Home Loan Program is a great program but you do need a 3.5 down payment and you have to meet certain requirements. You can get FHA Loans Information by clicking on the links at the bottom of this article.

But what if you do not have any money for a down payment?

If you live in a rural area then owning your own home may be difficult because it may be a little harder to find financing for your chance at the American dream. You also probably make less money than people in the larger cites and coming up with the money for a large down payment may be next to impossible. Local banks in rural areas may require a larger down payment because they are more conservative than urban lenders.

But there is a government home loan program just for rural areas of the country. It is the USDA Rural Home Loan Program. USDA is the United State Department of Agriculture and its rural home loans could be what you need to finance your new home. You can buy your dream home with no money down and 100% financing!

The USDA Home Loans Program is a great program for people that live in the rural areas and it can help to make you a homeowner.

USDA Home Loans are not government loans, but they are guaranteed by the United States government. These loans are not for the wealthy but for people with modest means and income that is stable. If you are a person that has paid your debts on time then you have a good chance of getting one of these USDA Rural Home Loans.

Of course, as with any government program there are strings attached or certain requirements and restrictions.

You annual income must be less than the income limit established by the USDA. Existing homes and also new homes are eligible for this program. There are some strict restrictions for manufactured homes.

Also, the property you want to buy has to be located in a USDA eligible rural area as determined by the USDA. The good news is you can finance 100% of the appraised value of the property you want to buy. You do not need a down payment!

You can ask the seller to pay for your closing costs. This means you can buy a home with no money!

The USDA Home Loan is great for people with average to good credit and good employment history but does not have any savings for a down payment. With the very low interest rates, no down payment, and seller paying the closing costs, USDA Home Loans could be the best deal in the mortgage market and help people like you buy their part of the American dream!