United States Department of Agriculture (USDA) Mortgages
USDA is running out of money. Several lenders will not close loans once they are out of funds. We have the capacity to close your loan, regardless of the status of funds.
Also known as Rural Development. Rural development loans are great first time home buyer programs. In a declining market, where homes can be purchased for less than they appraise for, you could actually finance the closing costs and prepaids, up to the appraised value.
See Rural Development interest rates
Great features include:
- 100% LTV Purchase. Purchase only. Good for manufactured homes. This program only works for owner occupied homes.
- No mortgage Insurance
- Very competitive rates
Some disadvantages are:
- There are income limits.
- Property needs to be rural. We can let you know if the property qualify. The general rule is it needs to be outside of any city limits or urban growth boundaries.
- Manufactured homes MUST be new.
These are great loans. They do have a few restrictions, but they are definitely worth looking at. Call us and see if your home qualifies.
