USDA offers mortgages with no down payment for homes that are located in designated rural areas to borrowers who meet household income limits. The mortgage rates are very competitive and the mortgage insurance (technically called “guarantee fees”) are very affordable. It’s truly a great program for those who qualify and are buying a home in rural areas, like Duvall, Enumclaw or Anacortes.
Recently, USDA issued Handbook 3555 with updated regulations for USDA mortgages. Here are just a few of the changes: