Mid America Mortgage Blog

Three Reasons to Consider a USDA Loan for Your Next Home Purchase

millennial woman home buyer

Looking for a mortgage that doesn’t require a large down payment? Or one that’s accessible to people with less-than-perfect credit? If you meet certain requirements, a USDA loan could be right for you. In today’s post, we’ll explore USDA loans and offer three key reasons to consider choosing this affordable mortgage program for your next home purchase. Before we dive in to the benefits of USDA financing, let’s review the basics of a USDA loan.

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Existing-Home Prices Hit All-Time High

house on chart showing decrease in statistics

The median price of a home in the U.S. hit an all-time high, and is likely to continue to rise. According to a recent report from the National Association of Realtors®, buyers paid a median price of $267,500 for an existing home in May. Existing homes are considered homes that have been lived in previously, as opposed to new homes that were recently constructed and have never been lived in before. This median price is nearly 3% higher than it was the month prior, in April. 

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Builder confidence drops slightly as lumber prices climb

home builder constructing a wooden frame

As the price of lumber increased, builder confidence in the market for newly-constructed, single-family homes dropped slightly in June. According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence fell two points to 68, due in large part to the recent sharp rise of lumber costs in the U.S.; however, the June HMI reflects that overall confidence remains on solid ground.

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