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USDA/Rural Housing Loan

Backed by the USDA, rural loans are similar to VA and FHA, except they are only available in selective rural areas and have income limitations. USDA is a 102% loan with no down payment required and does not need monthly mortgage insurance.

The USDA loan is not limited to first-time homebuyers. The seller can contribute up to 6% of the purchase price towards buyers closing and prepaid costs. Financing is available as a 30-year fixed only, for single-family residences and condos only.

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