USDA Loans 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