  by Chris Birk on 17 February 2011 2 comments Photo: ***j9***
Given the credit crunch and real estate free-fall of the last
two years, a no-down-payment mortgage sounds anachronistic, if
not downright unbelievable.  But the fact is that thousands of
Americans can still purchase a home with no money down, and they
don't have to be veterans or military members.  The U.S.
Department of Agriculture runs a guaranteed loan program that
helps consumers secure affordable financing in more rural parts
of the country. The USDA loan program has proved a powerful
lifeline for borrowers who might otherwise struggle to become
homeowners. (See also: The Different Types of Loans: A Primer)
What is a USDA Home Loan?  A USDA loan is government-backed loan
provided to borrowers through the agency's Rural Development
program. The loan comes in two varieties — the Guaranteed Loan
and the Direct Loan for lower-income households.  The program
features flexible credit and income requirements. Borrowers are
able to maximize their