USDA Loans

The purpose of this program is primarily used to help low-income individuals or households purchase homes in rural areas.

USDA Rural Housing Program offers the following important features:

  • 100% financing available
  • 6% seller concessions allowed
  • No maximum loan limits
  • 30-year fixed-rate mortgages
  • Must be in non-metropolitan areas
  • Single family/owner-occupied homes

If appraised value is above the sales price you can use the difference for concessions, repairs, et

The USDA Rural Housing program provides low and moderate-income rural residents with better access to affordable housing financing options with little or no down payment or out-of-pocket costs. Borrowers may obtain a loan to purchase a new or existing home that is located in a designated rural area. Population of 10,000 or less; population of 20,000 or less if located outside a metropolitan statistical area. Eligibility: Borrower must lack sufficient resources to obtain conventional financing.

Occupancy: Primary
Loan Term 30 year fixed only. Purchase and Rate/Term Refinance. Income and geographic limits apply. Loan amount based on the lesser of the following: current conforming conventional loan limit, excluding the guarantee fee; 102.75% of the appraised value. Includes the guarantee fee.

The appraisal determines the maximum loan amount. (Note – guarantee fee changed from 2.75% to 1.00%, annual fee changed from 0.50% to 0.35% in Oct. 2016).

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