Are you wishing to live in a less dense part of Colorado Springs or it’s surrounding area? If so, a USDA loan might be the perfect fit for you.
A USDA home loan is a 100% financing, zero down payment, mortgage offered by the U.S. Department of Agriculture to people looking to live in the less dense areas of town and the areas surrounding us. But, don’t let the name fool you. This is a program that is not just for properties that are out in the boondocks, it also can be used surprisingly close to what constitutes the “city limit” of Colorado Springs. In fact, 97% of all US land falls under USDA loan eligible land.
No, the USDA loan can finance 100% of the purchase price of the home. Like the VA loan, the USDA home loan is the only other loan option available that offers 0% down, allowing families to purchase homes faster and save more.
USDA Loans aren’t right for every buyer. But, if you’re looking for a home outside of the city, it might be worth exploring. Here are a few advantages:
USDA Loans have some of the lowest rates in the market. USDA’s mandate is to promote home ownership in areas outside of cities. As such, they want to keep rates and fees as low as possible to attract a wide variety of home buyers.