USDA Rural Development
Thanks for printing! Don't forget to come back to BrightPath Mortgage for fresh articles!
USDA Rural Development Highlights:
- 100% financing
- No Down Payment
- Owner Occupied Residences
- Flexible Credit Guidelines
- Competitive Fixed Interest Rates
- Not Limited to First Time Homebuyers
- Purchase or Refinance of Existing Guaranteed Loan
- Closing Costs can be rolled into Loan with higher Appraised Value
- Expanded Ratios - 29% / 41%
- No Reserve Requirement
Subject Property Eligibility:
Homes must be located in an eligible area. To determine Property Eligibility, click on the following link:
http://eligibility.sc.egov.usda.gov/eligibility/. Then make your selection at the left for Single Family Housing.
Borrower(s) Income Eligibility:
To determine if borrower(s)/household income meets program guidelines, click the following link:
http://eligibility.sc.egov.usda.gov/eligibility/. Select Income Eligibility on left, then select the state and county.
Acceptable Credit History:
Borrower(s) credit history should reflect a willingness to meet financial obligations.
Minimal credit history will require additional documentation and is not considered as derogatory.
Public records and/or collections do not automatically negate a borrower from a USDA loan - additional documentation will be required.
Is the USDA loan right for you? This link offers some guidance