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USDA Rural Development Guaranteed Loans... One of the Few 100% LTV - No PMI Loans Available
     
Not many Realtors in Concord NC and the surrounding areas are aware of this great loan program offered by the USDA.  I suspect the same is true in other states across the country.  This program is very similar to the Farmer's Home Administration Loans that used to be offered by the USDA.
USDA Rural Development Loans are available for low to middle income owner occupant borrowers.  It is a 100% loan to value program... that's right there are still a few NO MONEY DOWN programs available.  This loan also has NO PMI!
Only a few lenders are qualified to underwrite these loans, so make sure to check out the List of Approved Lenders.
Here's a list of eligibility requirements:
Buyer must occupy the property as their primary residence.
Buyer cannot currently own an adequate home.
Buyer cannot have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.
Buyer must be a U.S. citizen, a U.S. non-citizen national or a "qualified alien". 
Buyer must have a stable and dependable income for repayment ability.
Buyer must have a credit history that indicates a willingness to meet obligations as they become due.
Buyer must have an adjusted household income that is within Rural Development guidelines based on the ... more

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