USDA Home Loan Program
- No money down
- No mortgage insurance
- Seller paid closing costs
- Flexible credit criteria
- No maximum purchase price
Rural Housing Loans are offered in conjunction with the U.S. Department of Agriculture (USDA). To take advantage of this loan the subject property must be located in a designated rural area, identified by USDA Rural Housing. Typically, rural areas are towns with less than 20,000 residents that are removed from urban areas.
USDA Home Loans provide 100% financing for a home purchase or refinancing in a USDA designated rural area. Our team has many years of USDA experience to help you get into the home of your dreams!
- Borrower can only own one property at a time using USDA unless the borrower is underwater and home cannot be sold on the current market.
- Approval and income restrictions are limited to automated underwriting by the Guaranteed Underwriting System (GUS). There is no set income ratio- GUS makes that determination
- Client cannot purchase property within 3 years of foreclosure
- VOR must be perfect depending on credit history
- Co-Signers are eligible
- Minimum credit score is 640