USDA Home Loan programs were established to create opportunities for families to own decent homes

USDA Home Loan programs were established to create opportunities for families to own decent homes
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United States Department of Agriculture (USDA) Rural Development operates a number of financial assistance programs with the goal of improving the economy and the overall quality of life in rural communities. This includes USDA Rural Development home loans either offered or guaranteed by the USDA. American Pacific Mortgage offers competitive rates and terms on Oregon USDA loans throughout Portland, Happy Valley, Damascus, Boring, and Gresham.

Both USDA direct and USDA guaranteed home loans are available to Oregon residents. The USDA Single Family Housing Guaranteed Loan Program is designed to accommodate low to moderate-income households. USDA approved lenders offer these mortgages directly to consumers and the USDA insures a portion of the loan. USDA Single Family Housing Direct Home Loans on the other hand are made directly by the government in the form of a subsidy. The direct loan program is available to both low and very-low income households. This is also commonly referred to as the Section 502 Direct Loan Program.

Oregon USDA Rural Development Single Family Housing Guaranteed Loan Program

The USDA Single Family Housing Guaranteed Loan Program creates opportunity for low to moderate-income households to purchase, build, or rehabilitate a home they can afford. Loans guaranteed by the USDA allow borrowers to finance 100 percent of the loan, offer exceptionally low interest rates, and allow closing costs to be financed into the loan. Applicants and the home being purchased will both need to meet certain requirements in order to be eligible for the USDA Guaranteed Loan Program. […]