Great answers by Donna.
I would add that the lender you choose has to have GOOD funding as well! What this mean, is a Bank like Associated....when the USDA ran out of money last year...Associated had to quit loaning under this program, that is until the USDA got "recharged" with money through the latest stimulus package. Our company on the other hand, NEVER quit lending. Why you ask? Because we have aligned ourselves with funding sources that guaranty the money even though the USDA is out of it...Now, currentlythey have plenty of money in the coffers, but depending on WHEN you purchase, they may or may not.
We utilize Jp Morgan CHASE for our USDA loans, and they have never stopped lending under this product.
Donna is correct in her comments about location and your income level etc...I recently attempted to do a USDA loan in the Janesville area...but couldnt, because it was ONE BLOCK over the determining line for the program! Hence, the maps on their website are VERY important! Go to: http://www.rurdev.usda.gov for more information!
We have done a TON of these loans, and I think they are probably about the best product out there!
We are located in Lodi , Wisconsin!
One Source Mortgage, LLC
109 1st St
Lodi, Wisconsin 53555
Darin@osmwi.com for more questions