AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question Hi,
What is the advantage of a USDA loan over an FHA loan?
Are there any downsides?
Thanks.
Answer Hey Joe,
There is a significant advantage in going with a USDA purchase verses FHA.
1) No down payment
2) No monthly mortgage insurance charge
3) More credit score forgiveness, which means you only need a 600 credit score. Whereas the FHA requires from anywhere between 620 to 660, depending on the bank.
As to any downsides; not a one!
Hope that helps answer your question, and good luck in your home buying.... :)
