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USDA Rural Loans

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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 (moved up from disadvantages).
Closing Cost can be added into the loan (if the property appraises high enough to include it at up to 102% of the appraised value).
Loan government guarantee fee and not monthly guarantee fee.
Low interest rates.
Applicants with a wide range of credit profiles.
Income eligible applicants who do not qualify for conventional financing.
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-Allowables costs.
No First Time Homebuyer Requirement.
30 Year Loan @ Competitive Fixed Rate.
No Limit on Gift Funds.

Features:

Property must be in very good condition and have a high insulation R-factor.
You can not make over 50% of 115% of the median county income to qualify.
Must be able to verify income limits.