USDA Home Loans
No down payment, and most of Boundary County qualifies
A USDA loan is a home loan backed by the U.S. Department of Agriculture for buyers in rural areas. Because nearly all of Boundary County is considered rural, this is one of the most useful loan programs in our market.
Who is eligible
USDA loans are for low to moderate income buyers who will live in the home. There are household income limits that vary by county and family size, and your lender can tell you where you fall. You do not have to be a first-time buyer, and you do not need to be a farmer. The home just needs to be in an eligible area, which includes Bonners Ferry, Moyie Springs, Naples and the surrounding countryside.
Why buyers like USDA loans
Most USDA loans require no down payment. The mortgage insurance is lower than FHA, and interest rates are often competitive. Closing costs can sometimes be rolled into the loan if the home appraises for enough.
What to know for North Idaho properties
The home must be modest in size and in sound condition, and it needs to be your primary residence. Acreage is allowed as long as the land value is reasonable for the area and the property is mainly residential. Properties with income-producing farm operations usually do not qualify.
Next steps
We are not lenders, but we work with local lenders who use USDA loans all the time and can check your income and the property address for eligibility. Call us at (208) 267-2100 or send us a note on our contact page.
