Has anyone used one of these loans to buy a home? We're meeting with a mortgage broker next week and I never knew much about them, but today on our call she said that it's something we could look into before we jump straight to an FHA loan or other standard loan. I'm terrified/excited/nervous about the whole thing! 
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We had looked into it a few years ago but I still think putting money down is important. Also, around here USDA loans are super strict and time consuming. Lots of paper work and waiting for the paper work to be approved for the loan. A friend of mine just bought a house with a USDA loan and it was suppose to close in 45 days but took close to 3 months.
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That's what we have! The biggest thing is we pay no PMI!
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@Cupcake: that's what I thought was super appealing too since we likely won't be able to do 20% down. What was your experience overall?
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That's what I had on the first home I purchased. Great experience. No complaints. We still own the house, and have had zero issues with the loan. We actually had an easier closing with that house than we did on our current home! I closed in 23 days on a new construction home. Bought it in 2009.
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@fussygal: it was very easy. The only thing that was kind of a pain was that DH used his business account to write our check for good faith deposit when we put in our offer. So he had to write an essay pretty much about how it wouldn't negatively impact the buisness by using the funds. We had been preapproved through a bank before hand, but when we found out the house was usda qualified we went for it. Because we weren't preapproved for that, the buyer was very standoffish and we almost lost the house because their was another offer with an FHA qualified buyer. (Their income was too high for usda). In the end we got the house. That was the worst.
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@fussygal: This is what we have!! It was our first time buying a home, but it was seriously SO easy. Closing took less than 3 weeks! No money down, excellent interest rate, very easy overall. It's been a year and a half and we have had zero issues.
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@Cupcake: @Bao: @grizz: It almost seems to good to be true, so I'm glad to hear you all had positive experiences! I can't wait to learn more next week to see if we qualify. The loan will likely not include DH (bad credit due to private student loans) but they still take into account his income as a member of the household, right?
@HLK208: yikes! I hear it's supposed to be easier but that sounds awful!
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@fussygal: yup that's right, household income. Good luck!
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