Usdaruraldevelopment’s Blog


USDA Rural Development 100% financing on new homes
March 9, 2009, 7:27 pm
Filed under: Uncategorized

USDA Rural Development

The USDA Rural Development loan guaranteed Program is designed to stimulate rural development in America. USDA rural development Properties must be located in eligible rural areas. Their are thousands of homes which qualify for the USDA rural development program right now. 100% financing available and you might be eligible for the $8,000 First Time Home Buyer tax credit also.

 

 

USDA rural development Loans require Zero Down. There is no minimum credit score required with a USDA rural development loan, although 12 month credit history is closely scrutinized and moderate income requirements do apply.

 

 

USDA rural development loans offer 100% financing with no monthly PMI to borrowers who fall within moderate income requirements

  • All closing costs may be paid by seller concessions
  • USDA rural development areas only
  • Primary Single Family Residence only
  • No minimum credit scores, although 12 month credit is closely scrutinized with USDA loans
  • Ch. 7, Ch. 13 and foreclosures must be completed/discharged at least 3 years to qualify for a USDA loan

Under the terms of the USDA rural development program, an individual or family may obtain a USDA loan for up to 100% of the appraised value of the home, which eliminates the need for a down payment. Since a common barrier to owning a home is the lack of funds to make a down payment, the availability of the USDA rural development loan guarantees makes the reality of owning a home available to a much larger percentage of Americans.

For further information on the Single Family Housing Direct Loan program, and to learn if you are eligible for assistance. Just go to http://www.USDA-RuralDevelopment.com

USDA RURAL DEVELOPMENT

 

Section 502 Direct Loan Program

The Direct Homeownership Loan program is available to lower income individuals and families who wish to live in rural areas or rural cities or towns. Under the program, individuals or families receive a loan directly from Rural Development.

Payments are based on income, with no down payment required.

Loans under the Direct Homeownership Loan program are made to families with incomes below 80 percent of the median income level of the communities in which they intend to live.

Since Rural Development is able to make loans to those who will not qualify for a conventional loan, the direct loan program enables many people to buy homes who otherwise could not do so. Even if you have minor credit problems, Rural Development may still be able to work with you.

Loans under this program may be made for the purchase of an existing home or to build a new home.

Other uses include purchasing and preparing repairing or renovating a house being purchased.

No Down payment

There is no required down payment for a USDA direct housing loan.

The interest rate for direct housing loans is set by Rural Development, and may be based on your current income.

For further information on the Single Family Housing Direct Loan program, and to learn if you are eligible for assistance. Just go to http://www.USDA-RuralDevelopment.com

Guaranteed Loans

If your income is too high to qualify for a direct housing loan, you may qualify for a guaranteed loan. These are loans made by other lenders, such as banks or credit unions, and are guaranteed by Rural Development. This allows other lenders to make loans to people they would not otherwise be able to serve. Guaranteed housing loans are available to applicants whose incomes are below 115 percent of the median area income.

For further information on the Single Family Housing Direct Loan program, and to learn if you are eligible for assistance. Just go to http://www.USDA-RuralDevelopment.com



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March 9, 2009, 7:01 pm
Filed under: Uncategorized

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