USDA HOME MORTGAGE LOANS
WHAT DOES THIS MORTGAGE PROGRAM DO?
This home loan program, from the United States Department of Agriculture (USDA): Rural Development, assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary housing as their primary residence in eligible rural areas.
Eligible applicants must buy a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% no money down loans to eligible rural home buyers.
WHO MAY APPLY FOR THIS PROGRAM?
- Meet income eligibility.
- Agree to personally occupy the dwelling as their primary residence.
- Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien.
- Have the legal capacity to incur the loan obligation.
- Have not been suspended or debarred from participation in federal programs.
- Demonstrate the willingness to meet credit obligations in a timely manner.
- Purchase a property that meets all program criteria