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USDA Rural Development

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What is a USDA rural development loan?

A USDA Rural Development Loan is a mortgage offered to people willing to move to areas defined as rural by the USDA. To be considered a rural area, the population must be below 20,000. To find out if a home is in a USDA Rural Development Loan eligible location, check here.

USDA Rural Development loans are for borrowers who intend to use the home as their primary residence. To qualify for a USDA Rural Development Loan a borrowers’ income shouldn’t be higher than 115 percent of the median income for the region and borrowers must also be able to afford to make the payments. With a USDA loan, the total cost of housing can’t be more than 29 percent of your income. Borrowers can check here to see if they meet the income eligibility requirements for a USDA Rural Development Loan.

Why a USDA rural development loan?

A USDA Rural Development Loan allows borrowers to finance the entire cost of the house. There is no down payment required, and closing costs and fees can be rolled into the loan for true 100% financing.

A USDA Rural Development Loan can also be a good option for borrowers with average credit. The program focuses on people who might have a short credit history, which affects their overall score, rather than those trying to rebuild their credit. The mortgage is for 30 years with a fixed interest rate that is similar to the rates offered on traditional loans.

If you would like to explore USDA mortgages or other mortgage products available from Brightpath, please call us at 888-222-6003, or complete our simple form below. One of our experienced mortgage specialists will contact you.

 

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