USDA HOME LOAN QUICK FACTS

Become a Fan!

 

 

100% USDA Rural Development Home Loans

· The demand for 100% USDAHOMELOANS have exploded over the last couple of years. Millions of borrowers who reside in rural areas are potentially eligible for USDA Rural Development 100% financing. USDA 100% Home Loans presently are the only option for 100% financing unless you are a military veteran.

· USDA 100% HOME LOANS are offered with no monthly mortgage insurance add-on which increases the monthly mortgage payment. FHA and privately insured conventional financing normally requires a monthly mortgage insurance premium (commonly referred to as MIP or PMI). A single one time guarantee fee is charged up front on a USDA Rural Development Home Loan which may be added to the loan amount extending the LTV (loan to value) to 103.5% of the sales price.

· A 100% USDA HOME MORTGAGE will also allow closing costs and prepaid costs to be added to the  home loan amount if the home appraises for an amount greater than the homes sales price. This home loan is unique in that other types of financing base their maximum allowed LTV (loan to value) on the sales price or appraised value whichever is less.

· 100% USDA HOME LOANS may be used to purchase a new or existing single family home in most rural areas where a market does exists for housing.

· USDA 100% HOME LOANS are all fixed rate loans. The P&I (principle & interest) will not change over the life of the home loan. This removes any unknown surprises or concerns with payment increases as is found in other types of home loans.

· USDA Home Loans are not only for first time homebuyers. Borrowers must intend to occupy the home as their permanent residence. Condo’s, Townhomes, and single family homes may qualify for USDA Rural Development 100% home financing.

· USDA Home Loans do not require perfect credit.  A minimum 620 credit score or greater may be needed.

· 100% Home Loans do not have a maximum sales price or maximum loan amount requirement. The income of the household will determine the home loan amount. Income limits do apply and are determined by the county in which the property located. Click here for income eligibility.

· USDA HOME LOANS are limited to rural communities normally of 20,000 or less in population. Under certain conditions some areas of larger towns and cities may qualify for a 100% USDA Home Loan

Submit Contact Info

 

  USDA Home Loans offer Competitive 30 year fixed rates. Maximum rates allowed are determined and posted by USDA Rural Development.

REAL ESTATE PROFESSIONALS QUICK REFERENCE GUIDE TO USDA RURAL DEVELOPMENT FINANCING

 

 

All information is deemed reliable and correct but not warranted. rdhomelaons.com does not engage in mortgage funding or origination.  This website provides information to mortgage lenders and realtors based on a submitted "apply" form completed in part or in whole at the discretion of the user.  Dissatisfaction of the user may only be remedied by seizing to use the website rdhomelaons.com  Submitting form grants permission for contact by phone or email when provided.  This website is in no way affiliated with The United States Department of Agriculture or any other governmental agency.

Become a Fan!