USDA Loan~good or Bad?

We have a USDA loan but it is for agriculture use. Those are the only types that I am familiar with. We did do a down-payment, not sure if that was a requirement of the gvt or my husband! The interest is great & we make a once a year payment. PM if you need more specific info or your county should have a office dedicated for the USDA.

I think they take longer to close. And are a hairball higher (like a quarter of a %) than an FHA loan. No PMI required, I think. Strictly for rural areas, right?

Based on my very limited knowlegde, I beleive the issue with a USDA loan might be the fact that there is no down payment required. Of course, that can be very helpful when trying to purchase a home. On the downside with the very housing market being very unstable, it could mean that you'll be upsidedown on your mortgage.

As with any loan, make sure you understand everything, read the fine print, and ask a lot of questions.

I have never done a USDA loan....I didn't realize that Horseshoe Beach was considered rural...when I think of USDA loans - I think of rural communities with farms...I know that things have changed over the years and administrations...

What I do know is like any other government loan - it guaranteed by the government and you won't have PMI added on...and it's supposed to be no money down...

Since I've never been through one - i can't tell you much...but like with anything else if it sounds to be good to be true - it usually isn't....
GOOD LUCK!!

My brother just got a USDA loan for his house. It was a long process and he had to keep resubmitting for one reason or another. He also had to return the same paperwork three times. If you can get through the hassle and get approved, then it's a good loan (as far as I know) especially since there's no PMI.

We received a USDA loan for our home up in Michigan, and it was great. No problems, easy to close when we sold our house. I highly recommend it!