USDA mortgages assist in providing low to moderate income households the opportunity to purchase rural housing. The goal is to help borrowers to purchase adequate, modest, decent, safe and sanitary dwellings as their primary residence. But, the property must be located in an eligible rural area as determined by USDA Property Eligibility Map. Applicants eligible for USDA mortgages have the option to purchase an already established dwelling, but also have the option to purchase a new home.
Eligible borrowers may rehabilitate or renovate an older dwelling in an eligible rural area. The Rural Housing Program helps families by providing 100% LTV financing which means eligible borrowers are not required to put any money towards the down payment other than closing costs.
USDA Mortgage Advantages:
- 100% LTV – No Down Payment!
- USDA Mortgage Streamlines Refinances allowed with 660+ FICO
- Only 1% Guarantee Fee and .35% annual (monthly) fee
- Gifts Allowed for Closing Costs | Prepaid Interest | Escrows
Contact Dave Kevelighan for USDA scenarios & pricing today!