USDA Rural Housing Loans

Rural Development Loans offer benefits that are not available in any other loan programs.

• No Money Down: The borrower can finance up to 100% of the appraised value of the home with zero down out-of-pocket.
  
• No Mortgage Insurance Payments: This can significantly lower the monthly housing payment.
  
• Flexible Credit Requirements: Potential borrowers with less-than-perfect credit can still qualify for a loan.

• Rural Development Guaranteed Loans: These loans are provided by private lenders and are guaranteed by the Rural Housing Service. Guaranteed loans are geared toward low and moderate income families who are unable to afford housing through conventional financing. The maximum loan amount is based on what the homeowner can afford. Qualifying applicants can obtain 100% financing in rural areas, but are required to pay a one-time 2% funding fee. This fee may be financed into the loan. These loans are typically made for 30-year fixed terms and carry affordable interest rates.

• Rural Development Direct Loans: These loans are funded by the government (Rural Housing Service) and geared toward low and very low income families. Very low income is defined as 50% of the area median income; low income is defined as between 50-80% of the area median income. To qualify, families must be without adequate housing but must be able to afford mortgage payments (including taxes and insurance), which are usually between 22-26% of the borrower’s income. Mortgage payments are adjusted based on the household’s income. These loans are typically made for up to 33 year terms.

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