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, etc.