No Money Down 100% USDA Home Loan

USDA LOANS

The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.

Advantages

No down payment requirement
Property must be located in an eligible rural area
Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 102% of the appraised value)
Loan government guarantee fee with no monthly guarantee fee
Low interest rates
Applicants with a wide range of credit profiles may qualify
Income eligible applicants who do not qualify for conventional financing may qualify
Families & individuals that have minimal funds for a down payment and closing costs, includes first time homebuyers and repeat homebuyers
Seller concessions – 6% max
No cash reserve requirement
No Non-Allowable costs
No First Time Homebuyer Requirement
30 Year Loan at competitive fixed rate
No limit on gift funds

Features

Property must be in very good condition and have a high insulation R-factor
You cannot make over 50% of 115% of the median county income to qualify
Must be able to verify income limits

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