So I'm in the process of buying a home.. and a little confused about the USDA loan thing.. if anyone could help with my questions that would be great! I feel like mortgage lenders are always going to tell you what you want to hear.. so I'd rather hear it from people that gain nothing by my choice
First, what is the biggest con with a USDA loan? (Our location is already approved to be eligible for the loan, so besides that)
What percent goes to the principal each month and what percent is going to interest? (You know, I don't want to pay the first 5 years of interest only and not even touch the principal..)
We are getting an interest rate of 5.00%... is this good?
I read somewhere that the payments are calculated by your income... WHAT? How does that work.. or is that really how it works?
And... any other info on this type of loan you want to throw my way would be wonderful

This is my first house.. so I can use all the help I can get! Thank you!!!!!