The USDA has maps on its website that highlight Cities and Counties eligible areas. In addition to geographical limits, the USDA program has restrictions on household income, and it is intended for first-time buyers, although there are exceptions. The USDA mortgage comes from a bank, and there is no mortgage insurance. Instead, the USDA charges a 2% upfront guarantee fee, which can be rolled into the loan amount, and an annual guarantee fee of 0.5% of the loan balance.
Zero Down Payment Mortgage Loans
Zero down Payment mortgages are 100% financed loan types offered by the U.S. Department of Agriculture for rural homes and VA Loans garanteed by the Department of Veteran Affairs (VA loan).
Low Down Payment Mortgage Loans
Federal Housing Authority insures FHA Loans with low down payment requirement of 3.5%.
Home Ready Mortgage Conventional low down payment loan of 97% (3% down)
