USDA Rural Housing Loan
Guaranteed by the U.S. Department of Agriculture, this loan is available to those buying or refinancing a property in an eligible rural area (as determined by USDA). No down payment is required and this loan features flexible income and credit qualifications. The loan also requires a borrowers’ household income to be below certain income thresholds as determined by USDA.
Features of this Loan
- No down payment required
- Down payment and closing and prepaid costs may be paid funded by a gift from a relative, friend or a qualified non-profit grant
- Lower annual fee as compared to private mortgage insurance (PMI)
- May qualify for a streamlined refinance with no appraisal required and a lower guarantee fee
For Borrowers with the Following Consideration Points
- Little savings or little equity
- Less than perfect credit
- Low to moderate income (per USDA’s income thresholds)
- Currently have a USDA Loan and wish to refinance
Contact a Mortgage Advisor online or call us at 717.249.7500.
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