How much do I need to buy a house?

USDA direct financing is a home loan program offered by the United States Department of Agriculture (USDA) that is specifically designed to help low- and moderate-income individuals and families in rural areas purchase a home. Some of the key benefits of this program include:

  • No down payment required: With USDA direct financing, you don't need to come up with a down payment in order to buy a home. This can be especially beneficial for first-time homebuyers or those who don't have a lot of savings.
  • No mortgage insurance: Most mortgage lenders require borrowers to pay private mortgage insurance (PMI) if they put down less than 20% of the purchase price as a down payment. With USDA direct financing, there is no PMI required, which can save you hundreds of dollars per month.
  • Subsidized interest rate: USDA direct financing offers a subsidized 1% interest rate, which is significantly lower than the rates you'll find with most other mortgage products. This low rate can significantly increase your buying power and make it easier for you to afford a more expensive home.
  • Household income limits: To be eligible for USDA direct financing, you must have a household income that is below the median income for your area. In Southern Oregon, the median income is around $35,000, so anyone with a household income below this amount may be eligible for the program.

Overall, USDA direct financing can be a great option for anyone in Southern Oregon who is looking to buy a home but may not have the financial resources to do so through traditional means. If you're interested in learning more about this program and how it could help you achieve your homeownership goals, consider reaching out to a real estate agent or lender who has experience with USDA direct financing. They can help you understand the eligibility requirements and guide you through the application process.

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