USDA Areas Zero Down Home Loans to Remain Secure Through 2020

Recently a farm bill was passed that significantly and positively impacts rural areas; some of which aren’t so rural, in many ways, zero down loans being one of them.

Areas like Sandy, Estacada and Newberg qualify for what are called USDA loans (yes, that’s the US Department of Agriculture) that offer very competitive rates and to many, more importantly, 0% down to buy a home in these areas.

When I was working a large development in Estacada (and another smaller one in Sandy) these USDA loans were making up a large number of buyers home loans in those developments, new home, “in town” (well, Estacada and Sandy anyway), and nothing down. You could even still have the seller cover some closing costs and end up paying very close to nothing to get into a home.

Well, thanks to the approval and signing of the farm bill, the specs dictating qualifying rural areas will remain the same until 2020.

If you want to buy a home, have good credit, good income etc and are just lacking the down payment you may want to look into homes in qualifying USDA areas. Sure there’s a bit more of a drive, but to own a home? USDA loans have been around for years so they are nothing new, but knowing they will be around in these areas for at least another 6 years is great news!

You can get more information directly from USDA here

Your “Rural” Realtor, Scott McDonald

Everything. Portland. Real Estate. Blog.

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