USDA is a great program for customers that live in rural areas. Please see this handy lookup tool to see if the area you are purchasing in falls within the boundaries of the program.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Here are some highlights of this government sponsored program

  • 100% Financing
  • There is no monthly mortgage insurance charge but there is a 2% funding fee that is financed
  • Available for low to moderate income families in rural areas
  • The ratios for the borrowers must be below 29% and 41%
  • This loan is not limited to First Time Homebuyers
  • No Prepayment Penalty
  • 30 Year Fixed Rate Loan
  • No Reserve Requirements
  • Minimum 640 Middle Credit Score
  • Generally this program is available in communities that have under 20,000 people.

 

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