What are the advantages of USDA Mortgage versus Conventional Loans?
USDA rural housing loans offer many benefits and protections that you won’t find in other loans including: USDA Mortgages are Credit Flexible USDA mortgage loan requirements are not totally credit score driven, although it is required to have at least a 620 FICO score to obtain an approval through ENG Lending. USDA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they’re generally going to be credit-eligible for an USDA rural loan mortgage. USDA Rural Loans Require No Monthly Mortgage Insurance A distinct advantage of a USDA mortgage, as compared to a conforming loan, is great interest rates and no mortgage insurance (MI). The daily USDA mortgage rates are usually comparable to a conforming 30-Year Fixed loan. USDA Mortgages Require No Down Payment USDA Mortgages have
