Category: Rural Development Loan

Posts related to Rural Development Loan

usda loan
What is the USDA Loan?

USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. The USDA loan is available to home buyers with below-average income, offer 100% financing with reduced mortgage insurance premiums, and feature below-market mortgage rates.

 

Who is the Loan For?
  • Someone who meets income-eligibility
  • Agrees to personally occupy the dwelling as their primary residence
  • Is a U.S. citizen, a U.S. non-citizen national or qualified alien, or has the legal capacity to incur the loan obligation
  • Has not been suspended or debarred from participation in federal programs
  • Demonstrates the willingness to meet credit obligations in a timely manner
  • Purchases a property that meets all program criteria
  • Must provide a credit history report; but the flexible guidelines allow potential homeowners with spotty or bad credit [...]
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