Definition: Usda Home Mortgage Loan - Usda Home Mortgage Loan is a type of loan that allows homeowners to purchase homes for an income-driven amount, typically based on their monthly income as reported by their employer or government agency. Definition: An 'usda home mortgage loan' is a type of loan that allows homeowners to obtain a mortgage without having to provide collateral. Instead, the lender will use the borrower's income as a down payment and the remaining balance to be repaid over time, typically with monthly payments. Usda loans are often offered by private lenders who have partnered with government agencies such as USDA. The agency provides low-interest rates on home loans for eligible borrowers who meet certain income criteria. For example, the USDA has established a Low-Income Home Loan Program (LIHTM) where applicants can obtain a loan at 50% or less of their monthly income. Usda loans are typically available to first-time homeowners and those with low-income incomes that they consider reasonable for their housing needs. They offer a variety of terms, including fixed-rate, adjustable-rate, or even purchase option home loan options depending on the borrower's situation.
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