Home » Loan Types » What’s a USDA Loan?

What’s a USDA Loan?

Enter your email address to follow this blog and receive notifications of new posts by email.

Most Liked Info

  • None

Hours & Info

888-908-5591
Monday thru Friday
9am-5pm

Blog Stats

  • 997 hits
August 2013
M T W T F S S
« Jul   Sep »
 1234
567891011
12131415161718
19202122232425
262728293031  

usda

The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!

Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.

Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to:

*100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
*Guarantee Fee applies: may be rolled into the loan amount.
*Flexible credit guidelines. Non-traditional credit histories may be accepted.
*Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
*Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
*No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
*Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
*Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
*Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
*Eligible repairs and improvements may be included in the loan.
*Applicants apply with an approved lender of their choice.
*Not limited to first time homebuyers.

The USDA loan program is fabulous if your income and property qualify. The income eligibility varies from county to county so make sure to contact the Real Estate Prophets to review your specific situation. We can also let you know exactly what towns in your area are eligible. -Eric Butz, The Real Estate Prophet


2 Comments

  1. Nice website for USDA home loan info.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Michele Fritz

Mortgage with Memories

Houston and the Inner Loop Real Estate

The official blog of Lee Hudman, ABR CNE CLHMS GPA

Naples Real Estate

Find your dream home in Naples Florida

IEHomes

Real Estate Knowledge

Worldwide Member Newsletters

Who's Who Leaders in the News

Matt on Not-WordPress

Stuff and things.

Real Estate Prophets

Straight talk on mortgage finance from the prophets

%d bloggers like this: