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house-01-300x195The 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.

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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