What is a USDA Rural Housing Loan?
USDA Home Loans provide No Money Down financing for a home purchase or Home refinance. USDA rural housing loans are guaranteed by the USDA. There are many qualifying factors for a USDA home loan, things such as income limits and loan amount may limit eligibility.
Houses must be located in areas that meet USDA rural housing guidelines for "rural". You may be suprised at some of the areas that are considered rural areas by USDA. If you live in large cities like Salt Lake, Chicago or New York, you can sure they will not fit in this program. However many cities and towns do qualify.
The best way to find out if your area meets USDA rural housing is to got to the USDA Rural Housing Property lookup. Or simply call or email me and I will let you know
Highlights of the USDA Guaranteed Rural Housing Loan Program
- No down payment required
- Mortgages are 30-year fixed rate at low market interest rates
- Sellers may contribute or completely pay the buyer’s closing costs
- Buyers must personally occupy the dwelling following the purchase
- Home buyers make application with participating lenders
Income Limitations
USDA Rural Housing imposes income limitations to qualify for this program. If you make too much, you may not qualify.
- The more people in the home, the more you can make.
- Child care expenses can be deducted from income to help you qualify
- If you are over the age 62, you can make more money
- If you are disabled of have disability income, you can make more income and still qualify
Income limitations are fairly liberal so most people will likely qualify.
Click this link for USDA Rural Housing income qualifier
Call Ron today at 801-628-7667 or Toll Free 1-855-823-2781
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