Guaranteed Rural Housing aka USDA Home Loan
USDA Home Loan?
Not interested in purchasing a farm?
No problem....
When most people think of USDA they think of farms and cows and meat inspectors. Few people are aware that USDA also provides home loans. That's right the United States Department of Agriculture has a home loan program!
Here are the highlights.
- No Down Payment Required!
- No Monthly Mortgage Insurance!
- Cash Reserves not required!
- Closing costs can be financed into the loan or paid by the seller!
- Flexible Credit Guidelines!
Here are the details.
Moderate Income. Family income must not exceed the moderate income limits established by RHS for the area in which the property is located. You can check the income limits for your area here: USDA Income Eligibility
Rural Property. The property must be in an area designated as "rural" by the RHS. You might be surprised what is considered rural. Designated areas may include small towns and cities as well as more obviously rural areas. You can check property eligibility here: USDA Property Eligibility
As more and more mortgage lenders are forced to tighten and limit their credit guidelines the availability of the USDA Home Loan makes the reality of owning a home available to a much larger percentage of Americans. I have been helping families and individuals with the USDA Home Loan since 1996. This is not a new loan program, there are no prepayment penalties or subsidy recapture. In Washington State GRH - Guaranteed Rural Housing has never run out of funds and currently there is still funding available.
USDA does not lend money - USDA Guarantees the loan. Evergreen Home Loans is a direct USDA Lender. We underwrite and approve all USDA files in house and we are the #1 USDA Lender in Washington State.
Comments(8)