100% Financing - you can buy a home with no money down and even finance your closing costs
You can refinance your home up to 100% of the value of your home
Low fixed rate mortgage options
Easier to qualify for because the government insures the loan so that there is less risk to the lender
They can be used for existing homes, foreclosures, or new construction
Simple loan process.
No loan limits or acreage limit
No prepayment penalty
You can use the loan to repair or add on to your home
Flexible credit requirements
Generally, these loans are available to anyone who meets minimum credit guidelines and local area household income requirements and is purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.
They are just for farmers - This just isn't the case, it's not "just for farmers," millions of people already qualify.
FHA or Conventional Loans are better - In fact, USDA Loans often offer better terms than an FHA or conventional loans.
They aren't flexible - Actually, they can be used to buy a new home or refinance to a lower rate.
Only certain people can qualify - Anyone who meets the income and credit guidelines can qualify.
They are only for rural areas - Actually, they are available in many areas that most people would not consider rural. For example, small communities just outside of metropolitan areas.
They are harder to get than FHA or Conventional Loans - This just isn't true, in many cases, they are actually easier to get because the loans are guaranteed by the government.