USDA Rural Loans

USDA Rural Loans

 

The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.

 

Advantages:

    • No down payment requirement
    • Property must be located in an eligible rural area
    • Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 100% of the appraised value)
    • Loan government guarantee fee up front and annual
    • Low interest rates
    • Applicants with a wide range of credit profiles may qualify
    • Income eligible applicants who do not qualify for conventional financing may qualify
    • Families & individuals that have minimal funds for a down payment and closing costs includes first time homebuyers and repeat homebuyers
    • Seller concessions – 6% max
    • No cash reserve requirement
    • No Non-Allowable costs

 

Features:

    • No First Time Homebuyer Requirement
    • 30 Year Loan @ competitive fixed rate
    • No limit on gift funds

     

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