Home Financing Options For Applicants
|Are you ready to own a home but are not sure you will qualify due to lack of a down payment? Rural Development may be able to help you! USDA Rural Development has partnered with local lenders to help them extend 100% financing opportunities to rural individuals and families.
The Rural Development guaranteed loan program has assisted thousands of customers just like you. Tell your mortgage lender you want the USDA Rural Development Guaranteed Housing Loan.
- No Down payment is required.
- Flexible credit score guidelines.
- No maximum purchase price limit.
- Closing costs can come from any source including gifts.
- Repairs and improvements can be included in the loan.
- Competitive fixed 30-year rates.
- Apply with a local participating lender of your choice.
Frequently asked questions
- Occupy the property as your primary residence.
- Do not own an adequate home.
- Be a U.S. citizen, a U.S. non-citizen national or a “qualified alien”.
- Provide stable and dependable income for repayment ability.
- Have a credit history that indicates a willingness to meet obligations as they become due.
- Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
- Purchase a residential property that is located in a Rural Development eligible area.
Choose Rural Development as the first option
- 30 year fixed rates
- Generous income limits
- Flexible credit guidelines
- NOT limited to first time homebuyers
- Assistance options, such as gift funds, grants, seller concessions allowed.
Tools and Web Site links:
- Determine if the property is within the Rural Development eligible area.
- Use the link “Single Family Housing” under “Property Eligibility”.
- Determine if your adjusted household income is within the Agency limits,
- Use the link “single family housing” under “income eligibility”
- What is “adjusted household income“?
- What is “repayment income”?
To see if you are eligible for assistance contact Bill Edge at 713-240-2949.