If you live, or looking to live, in a rural community, you may qualify for 100% financing through our USDA program (U.S. Department of Agriculture).
USDA offers affordable loans to qualified families and individuals who live or want to move to rural communities. If you qualify for a 100% USDA loan, you will be allowed to finance the sales prices and closing costs up to the appraised value of the home. You may also be able to use gifts from family and friends, and sellers can contribute to pay some of the closing costs. This loan program is a hidden gem that is under-utilized, and it is not only for farm areas. It could be in a neighborhood closer to the city than you think!
- No down payment required
- Families at 115% or below median income may be eligible for USDA
- Affordable interest rates
- Sales price and closing costs can be financed up to appraised value
- NEW, even lower up-front guarantee and annual fees, eliminating monthly insurance payments. The guarantee fee is 1.0% and the annual fee is .35%.
- Gift funds may be used to pay some of the closing costs
- Seller may contribute up to 6% toward closing costs for USDA loans.