USDA Rural Housing

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

• No First Time Homebuyer Requirement

• 30 Year Loan at competitive fixed rate

• No limit on gift funds

Features:

• Property must be in very good condition and have a high insulation R-factor

• You cannot make over 115% of the median county income to qualify

• Must be able to verify income limits