USDA Rural Housing Loans

The USDA Rural Development loan is one of the last remaining 100% financing programs left and is the perfect way to finance your home without coming up with a down payment. These programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance), the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs.

Features include:

• purchase or refinance
• up to 102% financing
• one-time 2% Guarantee Fee on purchase transactions (can be financed into the loan)
• 0.5% Guarantee Fee on refinance transactions (can be financed into the loan)•loans up to $417,000
• low 30 yr fixed rates
• no monthly mortgage insurance premium
• no cash reserves required
• unrestricted gifts
• no limits on seller contributions
• excellent credit not required
• do not have to be a first-time buyer
• finance new construction or an existing property
• 100% of repairs may be financed based on “as-improved” value
   

Property requirements:

• property must be located in an eligible rural area
• one-unit, non-farm, primary residences, including single family dwellings, condos, and PUDs