In today’s shrinking credit market, the USDA rural housing loan program is one of the best no money down mortgage financing options in the marketplace.
Many rural families and individuals may be eligible to become homeowners with the help of this program. Good credit and a steady income are not always enough to qualify for a conventional mortgage. A sizeable down payment may also be required. When the Federal Government guarantees the loan, lending institutions can help buyers while incurring little risk. With the Guaranteed Rural Housing Loan Program, moderate-income people can qualify for mortgages with little or no money down.
Here’s more information about our Rural Housing loan program and how it works:
A 30-year fixed rate mortgage loan for 1-unit primary residence properties
Up to 100% LTV (loan-to-value) allowed based on the appraised value not the purchase price
Up to 6% seller contributions allowed
No minimum contribution from the borrower’s own funds required
Borrowers can finance closing costs into the loan amount up to the maximum LTV amount
Low, 2% upfront mortgage insurance premium financed into the loan amount
No monthly mortgage insurance payments required.
Visit our USDA page for additional USDA rural housing program requirements.
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