USDA Rural Guarantee Mortgage
The USDA "Rural Housing" Loan is a 103.5% Financing program federally insured by the US Department of Agriculture. The USDA Rural Loan is popular within our marketplace because about two thirds of Connecticut towns qualify for the program.
Some of the basic highlights of the program are:
- There is no down payment required, it is truly 100% financing
- No Mortgage Insurance which saves you a considerable amount each month compared to other loan programs.
- The seller can pay all of your closing costs, there is no limit like other programs
- There is no purchase price restrictions on the home
- You do NOT need perfect credit
- Alternative credit sources are acceptable
- It offers a low interest rate
- There is NO Pre Payment Penalty
- There is NO minimum time you must live in the property
- YOU DO NOT NEED TO BE A FIRST TIME BUYER!
So, what are the restrictions of the program?
- There are town restrictions within Connecticut. We can provide you with a map of eligible areas. Over 2/3rds of the Connecticut towns QUALIFY for the program.
- Income restrictions apply within the state
- The time frame from start to finish on a USDA loan is typically between 30 to 45 days from start to finish