USDA Home Loan Requirements

The United States Department of Agriculture backs home loans for people that want to buy homes in rural areas. Alaska has plenty of those, so these kinds of home loans are perfect for this area. The USDA has home loan requirements that must be met in order for a borrower to secure this type of loan. The government backing means that mortgage lenders can offer lower interest rates and if you qualify you can buy a home with no down payment. Some of the USDA home loan requirements are based on residency, location of the home, your income, and credit score. All of these requirements must be met in order to secure this kind of home loan.