USDA Loan

The USDA home loan program is designed for buyers of homes in rural areas.

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100% financing on the purchase of a home...Yes, it's still available! Using the USDA home loan program, qualified borrowers purchasing qualified homes can get 100% financing, plus the seller can pay up to 6% of your closing costs. Working with a willing seller, you can achieve a no money down home loan backed by the federal government! All qualified borrowers need to worry about is the cost of the appraisal and any pre-close third party costs such as your survey, pest inspection, and optional home inspection costs. That's right, qualified USDA loan applicants can attain 100% financing on qualified home purchases and can use 6% seller concessions to buy a home with very little to no out of pocket expense at all. To learn more, use our quick quote form.

The USDA mortgage program, also known as a section 502 loan, was designed to assist low income households in purchasing homes located within local rural communities. These funds can be used to build, renovate, repair, relocate, or purchase a home -- and this includes preparing a site for water and sewer!

Eligibility for the USDA loan program is very specific. Applicants cannot have an income in excess of 115% of the median income for the local community they reside in. Area income limits can be found here. Eligible families must be without adequate housing and be able to afford the proposed monthly mortgage payment that includes principle, interest, property taxes, and homeowner insurance. In addition, applicants must have "reasonable credit histories," as stated by the USDA. All properties being considered must be within USDA approved rural communities.

Under the USDA rural development program, loans are for 30 years and the interest rate is based upon the prevailing market rate as set by lenders. Again, there is no down payment; however, qualified applicants must meet the specified loan repayment ratio for gross income vs. family debt. Ready to learn more? Use our website quick quote today!

Under the the USDA section 502 loan program, any home being considered must be modest in size, design, and cost. Further, any home being constructed, purchased, or rehabilitated is required to meet the national model building codes for thermal and site standards. When financing the purchase of a new mobile home under this program, the new manufactured home must be permanently installed and meet the HUD mobile home loan guidelines and the HCFP thermal and site standards. The purchase of existing manufactured homes will not be considered under this program unless the mobile home is already financed with or is REO (real estate owned) formerly secured by an HCFP direct or guaranteed loan.

The USDA loan program is a fantastic opportunity for qualified home buyers to get 100% financing on the purchase of a qualified home! Use our quick quote to get started.