USDA 30-year Fixed Guaranteed Rural Housing Loans
You can purchase your next home in a designated rural area with no money down with the Guaranteed Rural Housing Loan Program. These loans are eligible in a wide range of non-metropolitan statistical areas, including many suburbs.
This unique loan program is offered through the Rural Housing Service, an agency of the US Department of Agriculture and designed to assist low- and moderate-income rural residents by providing better access to affordable housing finance options including little or not out-of-pocket costs in eligible areas.
- Available to low- and moderate-income borrowers whose adjusted income is equal to or less than 115% of the area median income.
- For properties located in a designated rural area as determined by the U.S. Department of Agriculture: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
- Owner-occupied primary single family non-farm residences, FHA approved condos, and PUDs
- New construction projects are eligible
- Purchase or rate/term refinance
- Finance up to 100% of the market appraised value, including all recurring and non-recurring closing costs, in some circumstances (for home purchases)
- Loan amounts as high as $417,000 in the continental U.S. Higher in Alaska and Hawaii.
- Credit scores as low as 620 (conditions apply)
- No asset or reserve requirements and gift funds are allowed