via What’s a USDA Loan?.
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural home buyers achieve their dream of home ownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:
*Guarantee Fee applies: may be rolled into the loan amount.
*Flexible credit guidelines. Non-traditional credit histories may be accepted.
*Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
*No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
*Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
*Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
*Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
*Eligible repairs and improvements may be included in the loan.
*Applicants apply with an approved lender of their choice.
*Not limited to first time home buyers.
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