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The Rural Development Loan is a 100% financed home loan, insured by the United States Department of Agriculture (USDA) to promote homeownership in less-dense communities. It can be a great option for a first time home buyer or if you don’t have a large down payment saved. It’s one of the few loans, other than the VA loan, that doesn’t require a down payment.
It also always you to ask for sellers concessions (help with closing costs). Home needs to as your primary residence and is located in a qualified rural area, Fortunately, the USDA’s definition of rural is generous and many suburbs qualify. See if you or the home you’re looking at quality.
Highlights and requirements:
- A credit score of at least 640
- Adjusted household income is equal to or less than 115% of the area median income so you can’t make to much money
- Must be in a designated RD area
- Must be a US citizen
- No down payment required (o% down)
- The seller can pay your closing costs
- Low fixed interest rate
- No maximum purchase price
Contact Rebecca for more information on your eligibility!
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Thank you for taking the time to submit your info so I can work up a custom rate quote.
I will contact you shortly! ~ Rebecca
