Savannah River Mortgage

USDA Home Loans

A USDA home loan is the preferred loan program for first time homebuyers because there is no down payment needed and no private monthly mortgage insurance required.  You do not have to be a first time homebuyer to qualify for this program.

A USDA home loan can be used to purchase a home or refinance an existing USDA mortgage

According To Wikipedia:

USDA Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America.

Rural Development has an $86 billion dollar loan portfolio, and administers nearly $16 billion in program loans, loan guarantees, and grants through their programs. For various reasons, some of this funding currently goes to urban areas to help develop and redevelop suburbs and resort cities.


The Rural Development Administration (RDA) was a USDA agency established by the 1990 farm bill (P.L. 101-624, Sec. 2302), amending the Consolidated Farm and Rural Development Act of 1972 (7 U.S.C. 1921 et seq.), to administer FmHA community and business programs and other USDA rural development programs. RDA was superseded by the Office of Rural Development following the 1994 reorganization of USDA authorized by P.L. 103-354.

On October 13, 1994 The Department of Agriculture was reorganized under the Federal Crop Insurance Reform Act of 1994 and Department of Agriculture Reorganization Act. Under that act, USDA Rural Development was created to administer the former Farmers Home Administration‘s (FmHA) non-farm financial programs for rural housing, community facilities, water and waste disposal, and rural businesses. The former Rural Electrification Administration‘s (REA) utility programs were also consolidated within Rural Development.

USDA Loan Highlights

100% Financing

No Monthly Mortgage Insurance Required

Finance Your Closing Costs

No Reserves Required

Gift Funds Allowed

There is a limitation on household income and property eligibility depending on your region