step three. USDA Loan

When you find yourself care about-employed and just have always wanted residing the country otherwise a fairly rural urban area, an excellent USDA mortgage may be the mortgage which works for you. The fresh USDA loan program provides mortgage loans with no percent down on home inside appointed parts. 2 kinds of USDA financing appear: lead funds, that can come right from the newest USDA, and you may secured financing, being made by a personal lender. New guaranteed loan system try backed by new U.S. Institution from Agriculture and you can guarantees to ninety % of one’s worth of the borrowed funds.

As well as purchasing a house inside the a qualified city, you should fulfill certain money requirements so you’re able to be eligible for a great USDA financing. This new mortgage loans are made for folks who have lowest to help you modest income.