The USDA National 100% home financing is the only 100% mortgage option left for US home buyers. Unless you are military and have the VA loan option available, there are no other option for a zero down home loans in the nation. Great for first time home buyers like Teachers, Police, etc, the Rural Development USDA program is targeted at growing home ownership in less densely populated rural areas across America. However, this does not include farms or ranches, the USDA Rural housing loan program is only intended for the purchase of single family residences, condos or town homes. The program is only for primary residence homes, vacation homes and investment homes are not permitted. You will be surprised to see what areas have eligible locations and still qualify for this program – many suburban locations are still approved.
The USDA site here will show you on an interactive map whether the property is an eligible area or not and you can zoom in and out to see where the boundary lines are. The USDA Rural Housing program is moderate income loan program so there are income limits the household must be under. Most of nation is right around $75,000 per year for a family of 1-4 members. Much higher income limits in some higher costs counties. The maximum allowable income is determined by county and number of adults and children in the household. The more people in your household the higher the income limit. Our qualified mortgage USDA professionals can help you with your location and income is eligible questions.
Benefits of the 100% USDA Rural Housing Program
- Finance full purchase price plus closing costs up to 102% of the appraised value (includes 2% USDA Guarantee Fee)
- Full doc only, must have stable work history (2+ years)
- 640 minimum credit score
- No pre-pay penalty and secure 30 year fixed rates
- Primary residence only
- No limit on seller concessions – how much closing costs the seller can pay for the buyer. If seller is not paying closing costs, they can be rolled into the loan amount up to 102% of appraised value, not sales price. Great benefit and flexibility for first time buyers that no other mortgage programs have.
- One loan only, no down payment first time buyers assistance required.
- No cash or asset reserve requirements.
- Not limited to first time home buyers.
- No class or education requirements, apply in minutes.
- Available for Single Family Homes, condos & townhomes only, No mobile homes or multi-family properties permitted. Short sales, foreclosures homes are permitted – the important thing is where the property is physically located, NOT who the seller is. The home must be in decent overall good condition, no rehab homes.
The USDA mortgage program is offered by approved lenders banks and guaranteed against default. Since this is one loan only, there are no other loan applications to submit as you would on a down payment assistance first time home owner program. If you are looking into qualifying for a USDA or have questions about the loan approval process, contact us at www.UsdaMortgageHub.com or call 800-691-8826 7 days a week.
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