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Overview of USDA: Founding and History The U.S. Department of Agriculture (USDA) was established on October 16, 1862, by President Abraham Lincoln as part of his efforts to help farmers during the Civil War. Originally named the **Department of Agriculture and Commerce**, it was later renamed to its current title
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Introduction to USDA Streamlined Refinancing USDA streamlined refinancing, an option offered by the United States Department of Agriculture (USDA), provides rural homeowners with the opportunity to refinance their existing mortgage loans for more favorable terms without the requirement for a new home appraisal or inspection. This section aims to provide
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Introduction to LTV Ratios Understanding Loan-to-Value (LTV) ratios is crucial for anyone planning to secure a mortgage, refinance an existing loan, or take out a home equity loan. LTV is a calculation lenders use to assess the risk involved in extending credit. In essence, LTV is the ratio of the
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Introduction to Assumable Mortgages An assumable mortgage represents a unique financing arrangement where a homebuyer assumes responsibility for an outstanding mortgage and its terms instead of obtaining their own loan. This mortgage type can significantly benefit buyers when interest rates are high, as they can take over an existing loan
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