What is a USDA Rural Housing Home Loan?
USDA Stand for the United States Department of Agriculture. The loan is designed to provide financing for borrowers in designated areas who wish to borrow up to 100% of the appraised value. The loan is guaranteed by the government through the Rural Housing Division of the USDA. The major benefits of the loan program are as follows:
- 100% Loan to Value
- Zero down payment and no minimum investment required
- No limit on seller concessions or gift
- No monthly mortgage insurance required
- No reserves required
- 30 year Fixed Rate
- Low Interest Rates comparable to FHA
- Flexible Credit Guidelines
- Can be used for purchase or refinance
- Can include repairs to the property in the Loan
There are income requirements and the property must be eligible by being located in a designated rural area. The rural designation is not what everybody would consider rural. You would be surprised at what areas qualify. For more information or to apply for a USDA Rural housing Home loan call John R Thomas at 302-703-0727 or you can APPLY ONLINE HERE.