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:
Features:
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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.
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