The United States Department of Agriculture (USDA) promotes rural development programs that are designed to improve the quality of life in rural America. This helps individuals in rural areas to obtain the financial assistance they need to acquire an existing rural property or finance new construction.
This program may be right for you because:
No down payment required.
No mortgage insurance required.
No monthly Private Mortgage Insurance (PMI) premiums.
You don't have to be a first time home buyer.
You may not qualify for a conventional loan due to substantial down payment requirements.
100% gifted closing cost or down payment assistance is permitted.
Requirements:
The property must be located in a rural area, as defined by the USDA.
All dwelling financed must provide decent, safe and sanitary housing and be modest in size, design and cost. Existing condominiums may qualify for financial assistance.
Maximum loan amount is based on your repayment ability.
You must have adequate and dependable income.
Available only for purchases or rate and term refinances.
We'll work with you every step of the way to make sure you're comfortable with this plan. Here's how it works:
We'll verify for you whether the property is classified as rural in the states that we serve. Property address required.
Next we'll complete the application. We'll work directly with one local USDA office and the lender to see your loan to a smooth closing.
Want to learn more? You can speak to one of our specialists at
1-877-562-6681, contact us by email or apply online.